Fortune Brands announces $500 million share repurchase authorization and declares quarterly dividend

Fortune Brands Home & Security, Inc., an industry-leading home and security products company, today announced that its board of directors authorized the repurchase of up to $500 million of shares of the Company's common stock over the next two years on the open market or in privately negotiated transactions in accordance with applicable securities laws. The purchases, if made, will occur from time to time depending on market conditions.

Additionally, the Board declared a quarterly cash dividend of $0.24 per common share. The dividend is payable on December 16, 2020, to stockholders of record as of the close of business on November 27, 2020.

"The new share repurchase authorization and dividend demonstrate our commitment to long-term value creation, even amidst a challenging environment. Additionally, they signal the board's confidence in our ability to continue executing our business strategies in an uncertain landscape," said Patrick Hallinan, chief financial officer, Fortune Brands. "As we continue to protect the health and safety of our associates, we are managing our balance sheet to provide financial flexibility to capture future growth."

The newly announced share repurchase authorization does not obligate the Company to repurchase any dollar amount or number of shares of common stock. This authorization is in effect until September 21, 2022 and may be suspended or discontinued at any time.