DEERFIELD, Ill.--(BUSINESS WIRE)--
Fortune Brands Home & Security, Inc. (NYSE: FBHS), an industry-leading
home and security products company, today announced it has completed the
sale of Simonton Windows to Ply Gem Holdings, Inc., a leading
manufacturer of exterior building products in North America. Fortune
Brands announced the agreement to sell Simonton Windows on August 20,
2014.
The Simonton business was sold for approximately $130 million, or
roughly 10 times 2014 EBITDA. The Simonton sale is expected to reduce
Fortune Brands' second half 2014 earnings per share from continuing
operations by 2 to 4 cents.
"We believe the sale of Simonton will allow us to more sharply focus on
our Therma-Tru entry door and Fypon trim business and position us to
further increase operating results in 2015," said Chris Klein, chief
executive officer, Fortune Brands.
Fortune Brands remains committed to owning and growing its door segment
with its industry-leading Therma-Tru entry door business which is
focused on the growing fiberglass segment within the entry door
category. The Company expects Therma-Tru will continue to drive
profitable growth with its product innovation, total door system
approach and strong distribution network.
About Fortune Brands
Fortune Brands Home & Security, Inc. (NYSE: FBHS), headquartered in
Deerfield, Ill., creates products and services that help fulfill the
dreams of homeowners and help people feel more secure. The Company's
trusted brands include Master Lock and Sentry Safe security products,
MasterBrand cabinets, Moen faucets and Therma-Tru entry door systems.
Fortune Brands holds market leadership positions in all of its segments.
Fortune Brands is part of the S&P MidCap 400 Index. For more
information, please visit www.FBHS.com.
Cautionary Statement Concerning Forward-Looking
Statements
This press release contains certain "forward-looking statements"
regarding business strategies, market potential, future financial
performance, the effects of the sale of Simonton Windows and other
matters. Statements preceded by, followed by or that otherwise include
the words "believes," "expects" and similar expressions or future or
conditional verbs such as "will" are generally forward-looking in nature
and not historical facts. Where, in any forward-looking statement, we
express an expectation or belief as to future results or events, such
expectation or belief is based on the current plans and expectations of
our management. Although we believe that these statements are based on
reasonable assumptions, they are subject to numerous factors, risks and
uncertainties that could cause actual outcomes and results to be
materially different from those indicated in such statements. These
factors are discussed in Item 1A of our Annual Report on Form 10-K for
the year ended December 31, 2013, filed with the Securities and Exchange
Commission. The forward-looking statements included in this release are
made as of the date hereof, and except as required by law, we undertake
no obligation to update, amend or clarify any forward-looking statements
to reflect events, new information or circumstances occurring after the
date hereof.
Fortune Brands Home & Security, Inc.
Investor and Media Contact:
Brian
Lantz, 847-484-4574
brian.lantz@FBHS.com
Source: Fortune Brands Home & Security, Inc.
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