Company Announces it is Rebranding as Fortune Brands Innovations, Inc., Effective Following Separation of Cabinets Business
October 27 2022 - 4:15PM
Business Wire
New Name Reflects Focus on Driving Growth in
Super-charged Categories while Building on Strong History of
Outperformance
Fortune Brands Home & Security, Inc. (NYSE: FBHS, the
“Company”, or “Fortune Brands”), an industry-leading home and
security products company, announced it intends to change its name
to Fortune Brands Innovations, Inc., to better reflect its
evolution as a business focused on driving accelerated growth in
its categories through brand and innovation. As part of this new
identity and direction, the Company intends that the new name, logo
and corresponding new ticker symbol, FBIN, will go into effect
shortly after the completion of the separation of the Cabinets
business.
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the full release here:
https://www.businesswire.com/news/home/20221027005819/en/
“The upcoming separation marks a new beginning for our company,
enabling an increased focus on brands, innovation and channel
leadership, and accelerated growth and productivity. Within the
Fortune Brands Innovations portfolio, brands and innovation are
core to everything we do, and our new brand identity highlights
these unifying and distinguishing characteristics,” said Fortune
Brands Chief Executive Officer Nicholas Fink.
To support this refined focus on brand and innovation, the
Company recently reorganized its operating structure to better
align with its growth and productivity priorities, allowing it to
further build and leverage its best-in-class capabilities across
the new Fortune Brands Innovations enterprise.
Added Fink, “More than ever before, we will be uniquely
positioned to capture and create opportunities in exciting
super-charged categories, such as water management, connected
products, outdoor living, and material conversion and science. Our
new name, Fortune Brands Innovations, Inc., is a reflection of
where we are heading and why we will continue to outperform.”
The Company’s leadership will speak to Fortune Brands
Innovations’ strategy, as well as to MasterBrand, Inc.’s strategy,
at its upcoming Investor Day on December 6, 2022. Learn more about
the Company’s plan to separate by visiting
www.fbhs.com/separation-updates.
CAUTIONARY STATEMENT CONCERNING
FORWARD-LOOKING STATEMENTS
This press release contains certain “forward-looking statements”
that are made pursuant to the safe harbor provisions of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”),
regarding general business strategies, product offerings, expansion
into new geographic markets, market potential, anticipated future
financial performance, the potential of our brands, and other
matters. Statements preceded by, followed by or that otherwise
include the words “believes”, “positioned”, “expects”, “estimates”,
“plans”, “look to”, “outlook”, “intend”, and similar expressions or
future or conditional verbs such as “will”, “should”, “would”,
“may” and “could” 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, including but not limited to the
expected benefits and costs of the intended spin-off transaction;
the tax-free nature of the spin-off; the expected timing of the
completion of the spin-off transaction and the transaction terms;
general business and economic conditions; our reliance on the North
American repair and remodel and new home construction activity
levels; our reliance on key customers and suppliers; our ability to
maintain our strong brands and to develop innovative products while
maintaining our competitive positions; our ability to improve
organizational productivity and global supply chain efficiency; our
ability to obtain raw materials and finished goods in a timely and
cost-effective manner; the impact of sustained inflation, including
global commodity and energy availability and price volatility; the
impact of trade-related tariffs and risks with uncertain trade
environments or changes in government and industry regulatory
standards; our ability to attract and retain qualified personnel
and other labor constraints; the uncertainties relating to the
impact of COVID-19 on the Company’s business and results; our
ability to achieve the anticipated benefits of our strategic
initiatives; our ability to successfully execute our acquisition
strategy and integrate businesses that we have and may acquire; and
the other factors discussed in our securities filings, including in
Item 1A of our Annual Report on Form 10-K for the year ended
December 31, 2021, 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 of this release.
About Fortune Brands
Fortune Brands Home & Security, Inc. (NYSE: FBHS),
headquartered in Deerfield, IL., is a Fortune 500 company, part of
the S&P 500 Index and a leader in the home products industry.
With trusted brands and market leadership positions in each of its
three operating segments, Water Innovations, Outdoors &
Security, and Cabinets, Fortune Brands’ 28,000 associates work with
a purpose to fulfill the dreams of home.
The Company’s growing portfolio of complementary businesses and
innovative brands includes Moen and the House of Rohl within Water
Innovations; outdoor living and security products from Therma-Tru,
LARSON, Fiberon, Master Lock and SentrySafe; and MasterBrand
Cabinets’ wide-ranging offerings from MANTRA, Diamond, Omega and
many more. Visit www.FBHS.com to learn more about FBHS, its brands
and how the Company is accelerating its environmental, social and
governance (ESG) commitments.
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version on businesswire.com: https://www.businesswire.com/news/home/20221027005819/en/
INVESTOR CONTACT: Matthew Skelly 847-484-4573
Investor.Questions@fbhs.com
MEDIA CONTACT: Darwin Minnis 847-484-4204
Media.Relations@fbhs.com
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