Business

Fortune Brands announces additional $400 million share repurchase authorization and declares quarterly dividend

Posted July 26, 2021 1:00 am

Daily Herald wire services

DEERFIELD - Fortune Brands Home & Security, Inc. announced that its board of directors authorized the repurchase of up to $400 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 $400 million share repurchase authorization announced today is in addition to the $306 million remaining from a prior authorization which expires on Sept. 21, 2022.

The new purchases, if made, will occur from time to time depending on market conditions. 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 July 23, 2023, and may be suspended or discontinued at any time.

Additionally, on July 23, 2021, the Board declared a quarterly cash dividend of $0.26 per common share. The dividend is payable on September 15, 2021, to stockholders of record as of the close of business on Aug. 27, 2021.

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