Business

Fortune Brands completes acquisition of Fiberon

Posted September 12, 2018 1:00 am

Business Wire

Fortune Brands Home & Security Inc., a home and security products company, Wednesday said it completed the acquisition of Fiberon LLC, a manufacturer of outdoor performance materials used in decking, railing and fencing products.

Fortune Brands announced an agreement to acquire Fiberon on Aug. 23. Fiberon is now part of Fortune Brands' Doors & Security segment.

ThecCompany completed the acquisition for a purchase price of approximately $470 million, which was funded with cash on hand and borrowings under its revolving credit and term loan facilities. In 2017, Fiberon had approximately $200 million in annual sales. Fiberon has approximately 475 associates with offices and operations in Meridian, Idaho and New London, North Carolina. Fortune Brands expects to maintain Fiberon's current operations and locations.

Fortune is headquartered in Deerfield. The company's operating segments are plumbing, cabinets and doors & security. Its brands include Moen, Perrin & Rowe, Riobel, Rohl, Shaws and Victoria + Albert under the Global Plumbing Group and others.

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