Fortune Brands Innovations: Difference between revisions

From Wikipedia, the free encyclopedia
Browse history interactively
← Previous editNext edit →
Content deleted Content added
VisualWikitext
mNo edit summary
Updates to Fortune Brands Home & Security page for accuracy and to reflect current information
Tag: categories removed
Line 1: Line 1:
{{short description|American industrial company}}
{{Infobox company
{{Infobox company
| name = Fortune Brands Home & Security, Inc.
| name = Fortune Brands Home & Security, Inc.
| logo = Fortune Brands Home & Security logo.svg
| logo = Fortune Brands Home & Security logo.svg
| logo_alt = FBHS Logo
| type = [[Public company|Public]]
| type = Public
| traded_as = {{ubl|{{NYSE|FBHS}}|[[S&P 500]] component}}
| traded_as = [https://www.nyse.com/quote/XNYS:FBHS NYSE: FBHS]
| founder =
| founded = 2011
| area_served =
| hq_location = [[Deerfield, Illinois]]
| key_people = Christopher Klein, President & CEO<ref name="Fortune Brands Home & Security">{{cite web|url=http://www.fbhs.com/leadership|title=Leadership-Executive Committee|publisher=Fortune Brands Home & Security}}</ref>
| key_people = Nicholas I. Fink, CEO
| industry =
| products = Fixtures<br>hardware
| products = Home & Security
| revenue = US$6.1 billion (2020)<ref name="FBHS 1">{{cite web |title=FBHS 2020 10-K Filing |url=https://ir.fbhs.com/sec-filings/sec-filing/10-k/0001564590-21-008129 |website=Fortune Brands Home & Security |access-date=8 March 2021}}</ref>
| services =
| net_income = US$801.4 million (2020)<ref name="FBHS 2">{{cite news |title=Fortune Brands Reports Strong Sales and Profit Growth in 4Q and Full Year 2020; Provides 2021 Annual Outlook for Continued Leading Growth |url=https://businesswire.com/news/home/20210202006069/en/Fortune-Brands-Reports-Strong-Sales-and-Profit-Growth-in-4Q-and-Full-Year-2020-Provides-2021-Annual-Outlook-for-Continued-Leading-Growth |access-date=8 March 2021 |publisher=Business Wire |date=2 February 2021}}</ref>
| revenue = {{increase}} {{US$|5.0 billion|link=yes}} (2016)<ref name="Yahoo! Finance">{{cite web|url=https://finance.yahoo.com/q/ks?s=FBHS+Key+Statistics|title= Fortune Brands Home & Security(FBHS)-Key Statistics|publisher=Yahoo! Finance}}</ref>
| net_income = 413 million (2016)<ref name="Yahoo! Finance"/>
| assets = US$7.4 billion (2020)<ref name="FBHS 1" />
| assets = {{increase}} {{US$|5.1 billion}} (2016)<ref name="Yahoo! Finance"/>
| equity = US $2.8 billion (2020)<ref name="FBHS 1" />
| equity = {{increase}} {{US$|2.4 billion}} (2016)<ref name="Yahoo! Finance"/>
| num_employees = 27,500 (2020)<ref name="FBHS 1" />
| owner =
| divisions = 3
| website = [http://www.fbhs.com fbhs.com]
| num_employees = 24,700<ref>{{Cite web|url=http://fortune.com/fortune500/fortune-brands-home-security/|title=Fortune Brands Home & Security|website=Fortune|access-date=2019-01-07}}</ref>
| num_employees_year = 2019
| parent =
| divisions =
| subsid =
| foundation = {{start date and age|2011}}
| location = [[Deerfield, Illinois]], U.S.
| locations =
| website = {{URL|fbhs.com}}
| footnotes =
}}
}}
== Introduction ==
'''Fortune Brands Home & Security, Inc.''' (or “Fortune Brands”) is a manufacturer of home and security products, headquartered in [[Deerfield, Illinois|Deerfield, IL]]. Its portfolio of businesses and brands includes [[Moen Incorporated|Moen]] and the House of Rohl; outdoor living and security products from Therma-Tru, LARSON, Fiberon, [[Master Lock]] and [[Sentry Group|SentrySafe]]; and MasterBrand Cabinets. Fortune Brands is a [[Fortune 500]] company and part of the [[S&P 500]] Index. As of December 31, 2020, the company reported employing approximately 27,500 associates<ref name="FBHS 1" /> and posted full-year 2020 net sales of $6.1 billion.<ref name="FBHS 2" />


== History ==
'''Fortune Brands''' is an American manufacturer of home fixtures and hardware, headquartered in [[Deerfield, Illinois]]. The company's product lines include [[Master Lock]], Sentry Safe, MasterBrand Cabinets, [[Moen Incorporated|Moen faucets]], Therma-Tru entry door systems, and Waterloo tool storage products.<ref name=NowIndependent/> The company has said that it holds market leadership positions in all of its segments, and has 16,000 associates that generated $5.0 billion in net sales in 2016.<ref name=NowIndependent/>
Fortune Brands Home & Security, Inc. began trading on the [[New York Stock Exchange]] under the ticker symbol FBHS on October 3, 2011. Prior to its spin-off, the company operated as a division of the former [[Fortune Brands, Inc]]. holding company.<ref>{{cite news |title=Fortune Brands to Complete Spin-Off of Home & Security Business and Become Pure-Play Spirits Company Named Beam |url=https://www.businesswire.com/news/home/20111003006853/en/Fortune-Brands-to-Complete-Spin-Off-of-Home-Security-Business-and-Become-Pure-Play-Spirits-Company-Named-Beam |access-date=5 March 2021 |publisher=Business Wire |date=3 October 2011}}</ref> Following the separation, Fortune Brands, Inc. changed its name to [[Beam Suntory|Beam Inc.]] and retained no ownership interest in Fortune Brands Home & Security, Inc.


== Business segments ==
Fortune Brands Home & Security was created on October 3, 2011, from part of the former [[Fortune Brands]] holding company.<ref name=NowIndependent>[https://finance.yahoo.com/news/Fortune-Brands-Home-Security-bw-1447000967.html?x=0 Fortune Brands Home & Security Now Independent, Begins Trading on NYSE] {{webarchive |url=https://web.archive.org/web/20111013171845/https://finance.yahoo.com/news/Fortune-Brands-Home-Security-bw-1447000967.html?x=0 |date=October 13, 2011 }}, ''Businesswire'', October 4, 2011.</ref> The spin-off was related to the pre-announced corporate strategy of divesting unrelated product lines to focus on the [[liquor]] business.<ref>Smith, A., [https://money.cnn.com/2010/12/08/news/companies/jim_beam_titleist/index.htm Jim Beam, neat, is company's new strategy], ''CNN Money'', December 8, 2010.</ref><ref name = WSJ3>[https://www.wsj.com/article/PR-CO-20101208-903042.html?mod=wsjcrmain Fortune Brands Announces Intent to Separate Company's Three Businesses], ''The Wall Street Journal'', December 8, 2010.</ref> On the day after spinning off FBHS, Fortune Brands renamed itself as Beam Inc. to reflect this new strategy.<ref name=BeamIncBegins>[https://finance.yahoo.com/news/Beam-Inc-Begins-Life-as-a-bw-3227214555.html?x=0&.v=1 Beam Inc. Begins Life as a Pure-Play Spirits Industry Leader] {{webarchive |url=https://web.archive.org/web/20111014041308/https://finance.yahoo.com/news/Beam-Inc-Begins-Life-as-a-bw-3227214555.html?x=0&.v=1 |date=October 14, 2011 }}, ''Businesswire'', October 4, 2011.</ref> Beam Inc. was subsequently purchased by [[Suntory]] to become its [[Beam Suntory]] subsidiary in April, 2014.<ref>[http://www.suntory.com/news/2014/12050.html Beam Suntory], [[Suntory]] press release, April 30, 2014.</ref><ref>[https://www.wsj.com/news/articles/SB10001424052702304547704579563590503205778 Suntory Still has M&A Thirst], ''The Wall Street Journal'', May 15, 2014.</ref>
As of December 31, 2020, Fortune Brands has three reporting segments: Plumbing, Outdoors & Security and Cabinets.


==== Plumbing ====
On October 18, 2011, it was announced that [[Pershing Square Capital Management]] owned a 15% stake in the company, and considered its stock to be a very attractive investment.<ref>Gammeltoft, N., and Fineman, J., [https://www.bloomberg.com/news/2011-10-18/ackman-discloses-15-stake-in-fortune-brands-home-shares-jump.html Ackman Says Pershing Square Owns 15% of Fortune Brands Home], Bloomberg, Oct. 18, 2011.</ref>
Fortune Brands’ Plumbing segment is comprised of the Global Plumbing Group, headquartered in [[North Olmsted, Ohio]]. Formed in 2016,<ref name="FBHS 3">{{cite news |title=Fortune Brands Creates Global Plumbing Group (GPG) as a Foundation to Accelerate Plumbing Growth Opportunities, Announces Acquisitions of Luxury Brands |url=https://www.businesswire.com/news/home/20160818006125/en/Fortune-Brands-Creates-Global-Plumbing-Group-GPG-as-a-Foundation-to-Accelerate-Plumbing-Growth-Opportunities-Announces-Acquisitions-of-Luxury-Brands |access-date=9 March 2021 |publisher=Business Wire |date=18 August 2016}}</ref> the Global Plumbing Group manufactures or assembles and sells faucets, accessories, kitchen sinks and waste disposals, predominantly under the Moen and House of Rohl brands, which includes luxury branded plumbing products from Riobel, Perrin & Rowe, Victoria + Albert and Shaws. In addition to offering faucets, showers, tubs, sinks and accessories, the Moen brand is expanding its home whole water management and digital offerings with its U by Moen Smart Faucet, U by Moen Smart Shower and Flo by Moen Smart Water Security System.<ref>{{cite news |title=Moen Launches Industry-First Smart Water Network to Provide Convenience and Security; Experience it at CES 2021 |url=https://finance.yahoo.com/news/moen-launches-industry-first-smart-121000463.html |access-date=8 March 2021 |publisher=Yahoo! Finance |date=11 January 2021}}</ref><ref>{{cite news |title=Moen completes its whole-home water security portfolio with the Flo by Moen Smart Sump Pump Monitor |url=https://www.techhive.com/article/3603420/flo-by-moen-smart-sump-pump-monitor.html |access-date=8 March 2021 |publisher=TechHive |date=15 January 2021}}</ref><ref>{{cite web |title=Moen First to Introduce Smart Technology for Whole-Home Connected Water Product Suite |url=https://www.moen.com/press-room/press-releases/smart-water |website=Moen |access-date=5 March 2021}}</ref>


==== Outdoors & Security ====
==References==
Fortune Brands’ Outdoors & Security segment is headquartered in [[Maumee, Ohio]]. Formerly operating under “Doors & Security,”<ref>{{cite news |title=Fortune Brands Signs Agreement to Acquire Fiberon; Marks Entry into Fast Growing Outdoor Living Market within New Doors & Security Segment |url=https://www.businesswire.com/news/home/20180823005659/en/Fortune-Brands-Signs-Agreement-to-Acquire-Fiberon-Marks-Entry-into-Fast-Growing-Outdoor-Living-Market-within-New-Doors-Security-Segment |access-date=8 March 2021 |publisher=Business Wire |date=23 August 2018}}</ref> its name was changed to Outdoors & Security<ref>{{cite news |title=CORRECTING and REPLACING Fortune Brands Expands Further Into Outdoor Living; Renames Segment Outdoors & Security and Signs Agreement to Acquire LARSON |url=https://www.businesswire.com/news/home/20201117005754/en/CORRECTING-and-REPLACING-Fortune-Brands-Expands-Further-Into-Outdoor-Living-Renames-Segment-Outdoors-Security-and-Signs-Agreement-to-Acquire-LARSON |access-date=8 March 2021 |publisher=Business Wire |date=17 November 2020}}</ref> in November 2020 preceding the acquisition of LARSON in December 2020.<ref name="FBHS 4">{{cite news |title=Fortune Brands Completes Acquisition of LARSON as Part of Outdoors & Security Segment |url=https://www.businesswire.com/news/home/20201214005780/en/Fortune-Brands-Completes-Acquisition-of-LARSON-as-Part-of-Outdoors-Security-Segment |access-date=9 March 2021 |publisher=Business Wire |date=14 December 2020}}</ref> The Outdoors & Security segment manufactures and sells fiberglass and steel entry door systems under the Therma-Tru brand name, storm, screen and security doors under the LARSON brand name, composite decking and railing under the Fiberon brand name, and urethane millwork under the Fypon brand name. It also manufactures, sources and distributes locks, safety and security devices, and electronic security products under the Master Lock and American Lock brands and fire resistant safes, security containers and commercial cabinets under the SentrySafe brand.
{{Reflist}}


==External links==
==== Cabinets ====
Fortune Brands’ Cabinets segment is headquartered in [[Jasper, Indiana]]. MasterBrand Cabinets manufacturers and sells stock and semi-custom and custom cabinetry, as well as vanities for the kitchen, bath and other parts of the home. Brands within the MasterBrand Cabinets portfolio include Omega, Decora, Diamond, Aristokraft, Urbana and Mantra.
*{{official website|http://www.fbhs.com/}}

{{Finance links
== Mergers, acquisitions and divestitures timeline ==
| name = Fortune Brands Home & Security
Fortune Brands Home & Security, Inc. spun-off from Fortune Brands, Inc. on October 3, 2011 and began trading as a separate company on the NYSE. Below is the timeline of mergers, acquisitions and divestitures from the time of the spin-off:
| symbol = FBHS
==== 2013 ====
| sec_cik = FBHS
* June: Acquired WoodCrafters<ref>{{cite news |title=Fortune Brands Home & Security Completes Acquisition of WoodCrafters Home Products |url=https://www.businesswire.com/news/home/20130620006261/en/Fortune-Brands-Home-Security-Completes-Acquisition-of-WoodCrafters-Home-Products |access-date=5 March 2021 |publisher=Business Wire |date=20 June 2013}}</ref><ref>{{cite news |title=Fortune Brands Acquires Vanity-Maker WoodCrafters Home Products |url=https://www.woodworkingnetwork.com/wood-market-trends/woodworking-industry-news/production-woodworking-news/Fortune-Brands-Acquires-Vanity-Maker-Woodcrafters-Home-Products-212929641.html |access-date=8 March 2021 |publisher=Woodworking Network |date=25 June 2013}}</ref>
| yahoo = FBHS
==== 2014 ====
| google = FBHS
* July: Acquired SentrySafe<ref>{{cite news |title=Master Lock acquires Sentry Safe |url=https://www.securityinfowatch.com/access-identity/access-control/news/11611105/master-lock-announces-acquisition-of-sentry-safe |access-date=8 March 2021 |publisher=SecurityInfoWatch.com |date=5 August 2014}}</ref><ref>{{cite news |title=Fortune Brands Reports Sales and EPS for Q2; Updates 2014 Annual Outlook; Announces Acquisition and Share Repurchases |url=https://www.businesswire.com/news/home/20140730006156/en/Fortune-Brands-Reports-Sales-and-EPS-for-Q2-Updates-2014-Annual-Outlook-Announces-Acquisition-and-Share-Repurchases |access-date=5 March 2021 |publisher=Business Wire |date=30 July 2014}}</ref>
| Bloomberg = FBHS:US
* September: Sold Simonton Windows<ref>{{cite news |title=Ply Gem Acquires Simonton Windows from Fortune Brands |url=https://www.prosalesmagazine.com/news/deals/ply-gem-acquires-simonton-windows-from-fortune-brands_o |access-date=8 March 2021 |publisher=ProSales |date=20 August 2014}}</ref><ref>{{cite news |title=Fortune Brands Completes Sale of Simonton Windows |url=https://www.businesswire.com/news/home/20140922005138/en/Fortune-Brands-Completes-Sale-of-Simonton-Windows |access-date=5 March 2021 |publisher=Business Wire |date=22 September 2014}}</ref><ref>{{cite news |title=Ply Gem Industries Completes Acquisition of Simonton Windows from Fortune Brands Home & Security |url=https://www.businesswire.com/news/home/20140922005159/en/Ply-Gem-Industries-Completes-Acquisition-of-Simonton-Windows-from-Fortune-Brands-Home-Security |access-date=5 March 2021 |publisher=Business Wire |date=22 September 2014}}</ref>
}}
==== 2015 ====
* May: Acquired Norcraft Companies<ref>{{cite news |title=Fortune Brands Agrees to Acquire Cabinetry Maker Norcraft |url=https://www.wsj.com/articles/fortune-brands-agrees-to-acquire-cabinetry-maker-norcraft-1427720669 |access-date=8 March 2021 |publisher=The Wall Street Journal |date=30 March 2015}}</ref><ref>{{cite news |title=Eagan-based Norcraft Cos. to be acquired by Fortune Brands in $600 million deal |url=https://www.startribune.com/eagan-based-norcraft-cos-to-be-acquired-by-fortune-brands-in-600-million-deal/298038241/ |access-date=8 March 2021 |publisher=StarTribune |date=30 March 2015}}</ref><ref>{{cite news |title=Fortune Brands Completes Tender Offer for Norcraft Companies, Inc. |url=https://www.businesswire.com/news/home/20150512005463/en/Fortune-Brands-Completes-Tender-Offer-for-Norcraft-Companies-Inc |access-date=5 March 2021 |publisher=Business Wire |date=12 May 2015}}</ref>
* September: Sold Waterloo tool storage<ref>{{cite news |title=Waterloo Industries under new ownership; no changes planned for local workers |url=https://wcfcourier.com/business/local/waterloo-industries-under-new-ownership-no-changes-planned-for-local-workers/article_5fde752c-2815-5005-8126-e5d5785ab0ef.html |access-date=8 March 2021 |publisher=The Courier |date=15 November 2015}}</ref><ref>{{cite web |title=FBHS 2015 10-K Filing |url=https://ir.fbhs.com/sec-filings/sec-filing/10-k/0001193125-16-478315 |website=Fortune Brands Home & Security |access-date=5 March 2021}}</ref>
==== 2016 ====
* May: Acquired Riobel<ref>{{cite news |title=Fortune Brands’ Global Plumbing Group acquires Riobel |url=https://www.hpacmag.com/engineering/global-plumbing-group-riobel/1004103264/ |access-date=8 March 2021 |publisher=HPAC |date=8 September 2016}}</ref><ref name="FBHS 3" />
* September: Acquired Rohl and Perrin & Rowe<ref>{{cite news |title=Fortune Forms Plumbing Group Acquires ROHL |url=https://www.kitchenbathdesign.com/fortune-forms-plumbing-group-acquires-rohl/ |access-date=8 March 2021 |publisher=Kitchen & Bath Design News}}</ref><ref name="FBHS 3" />
==== 2017 ====
* July: Acquired Shaws of England<ref name="FBHS 5">{{cite news |title=Fortune Brands Reports Third Quarter Sales and EPS Growth; Narrows 2017 Annual EPS Outlook |url=https://www.businesswire.com/news/home/20171025006274/en/Fortune-Brands-Reports-Third-Quarter-Sales-and-EPS-Growth-Narrows-2017-Annual-EPS-Outlook |access-date=9 March 2021 |publisher=Business Wire |date=25 October 2017}}</ref>
* October: Acquired Victoria + Albert</ref><ref name="FBHS 3" />
==== 2018 ====
* August: Acquired Fiberon<ref>{{cite news |title=Fortune Brands Acquires Fiberon, Enters Outdoor Living Market |url=https://www.prosalesmagazine.com/news/deals/fortune-brands-acquires-fiberon-enters-outdoor-living-market_o |access-date=8 March 2021 |publisher=ProSales |date=23 August 2018}}</ref><ref>{{cite news |title=Fortune Brands Completes Acquisition of Fiberon as Part of Doors & Security Segment |url=https://www.businesswire.com/news/home/20180911005671/en/Fortune-Brands-Completes-Acquisition-of-Fiberon-as-Part-of-Doors-Security-Segment |access-date=5 March 2021 |publisher=Business Wire |date=11 September 2018}}</ref>
==== 2020 ====
* December: Acquired LARSON<ref>{{cite news |title=Fortune Brands' Acquisition of Larson Complete |url=https://dwmmag.com/fortune-brands-acquisition-of-larson-complete/ |publisher=Door and Window Market |date=15 December 2020}}</ref><ref name="FBHS 4" />

== Financial performance ==
Fortune Brands’ business strategy includes investing in its current brands and businesses to build on its brands’ leading market positions and develop innovative products that promote growth, leverage its global supply chains to be more flexible and improve quality, costs and efficiencies and generating incremental shareholder value by deploying capital for strategic mergers & acquisitions, share repurchases and dividends.<ref name="FBHS 1" />

Fortune Brands has increased annual sales every year since its first full year as an independently traded company.
==== Net sales by year<ref>{{cite web |title=FBHS Annual Reports & Proxies |url=https://ir.fbhs.com/annual-reports-and-proxies |website=Fortune Brands Home & Security |access-date=5 March 2021}}</ref> ====
* 2020: $6.1 billion
* 2019: $5.8 billion
* 2018: $5.5 billion
* 2017: $5.3 billion
* 2016: $5.0 billion
* 2015: $4.6 billion
* 2014: $4.0 billion
* 2013: $3.7 billion
* 2012: $3.1 billion

== Corporate responsibility ==
Since becoming a public company in 2011, Fortune Brands’ Nominating Committee had the responsibility to monitor the company’s corporate social responsibility efforts, including its philanthropic activities, employee health and safety practices, and employee diversity programs. In 2020, Fortune Brands renamed its Nominating committee of its Board of Directors to the Nominating, Environmental, Social and Governance (ESG) committee and expanded its oversight to include the company’s ESG program, policies and related risks.<ref>{{cite news |title=Fortune Brands Elevates Commitment to Strategically Focus on Environmental, Social & Governance Initiatives |url=https://www.businesswire.com/news/home/20200310005907/en/Fortune-Brands-Elevates-Commitment-to-Strategically-Focus-on-Environmental-Social-Governance-Initiatives |access-date=5 March 2021 |publisher=Business Wire |date=10 March 2020}}</ref> Fortune Brands provides ESG data on its website and through its published ESG report.<ref>{{cite web |title=FBHS Global Citizenship |url=https://www.fbhs.com/global-citizenship |website=Fortune Brands Home & Security |access-date=5 March 2021}}</ref>

== Leadership ==
Nicholas I. Fink is chief executive officer of Fortune Brands and is on its Board of Directors. He assumed the CEO role on January 6, 2020,<ref name="FBHS 6">{{cite news |title=Fortune Brands Announces Planned Leadership Transitions Effective January 6, 2020 |url=https://www.businesswire.com/news/home/20190924005969/en/Fortune-Brands-Announces-Planned-Leadership-Transitions-Effective-January-6-2020 |access-date=9 March 2021 |publisher=Business Wire |date=24 September 2019}}</ref> after having served as chief operating officer of Fortune Brands, and prior to that, the president of the Fortune Brands Global Plumbing Group. Fink succeeded Christopher J. Klein, who had held the chief executive officer role at Fortune Brands from 2011 through his retirement from CEO in December 31, 2019.</ref><ref name="FBHS 6" />

Patrick D. Hallinan is chief financial officer of Fortune Brands.<ref>{{cite news |title=Fortune Brands Names Patrick Hallinan as Senior Vice President and Chief Financial Officer |url=https://www.businesswire.com/news/home/20170626005062/en/Fortune-Brands-Names-Patrick-Hallinan-as-Senior-Vice-President-and-Chief-Financial-Officer |access-date=5 March 2021 |publisher=Business Wire |date=26 June 2017}}</ref> He assumed the CFO role on July 1, 2017. Hallinan succeeded E. Lee Wyatt, who had held the chief financial officer role at Fortune Brands from 2011 through June 30, 2017. Wyatt retired from Fortune Brands at the end of 2017.

== Board of directors ==
[[Susan Kilsby|Susan Saltzbart Kilsby]] is the independent, non-executive chair of Fortune Brands’ Board of Directors.<ref>{{cite news |title=Fortune Brands Appoints Susan Saltzbart Kilsby as Non-Executive Chair of the Board |url=https://www.businesswire.com/news/home/20201221005059/en/Fortune-Brands-Appoints-Susan-Saltzbart-Kilsby-as-Non-Executive-Chair-of-the-Board |access-date=5 March 2021 |publisher=Business Wire |date=21 December 2020}}</ref> Kilsby spent most of her career at [[Credit Suisse|Credit Suisse AG]], holding a variety of senior positions including managing director and head of mergers and acquisitions for Europe, the Middle East and Africa from 2009 until her retirement in May 2014.

She first joined Fortune Brands’ board on July 28, 2015. On January 1, 2020 she became non-executive chair of the Board of Directors, succeeding Christopher J. Klein, who had held the executive board chair position from January 1, 2020 to December 31, 2020. Prior to Klein, David M. Thomas served as chair of the board from 2011 to December 31, 2019.

All members of the board, except for Fink, are independent under the New York Stock Exchange rules.
 
== Awards ==
Fortune Brands Home & Security, Inc., has been included on the [[FORTUNE]] List of World's Most Admired Companies within the Home Equipment, Furnishings category, for the following years: 2021,<ref>{{cite web |title=World’s Most Admired Companies 2021: Fortune Brands Home & Security |url=https://fortune.com/company/fortune-brands-home-security/worlds-most-admired-companies/ |website=Fortune |access-date=5 March 2021}}</ref> 2020, <ref>{{cite web |title=World’s Most Admired Companies 2020: Fortune Brands Home & Security |url=https://fortune.com/worlds-most-admired-companies/2020/fortune-brands-home-security/ |website=Fortune |access-date=5 March 2021}}</ref> 2019,<ref>{{cite web |title=World’s Most Admired Companies 2019: Fortune Brands Home & Security |url=https://fortune.com/worlds-most-admired-companies/2019/fortune-brands-home-security/ |website=Fortune |access-date=5 March 2021}}</ref>, 2017,<ref>{{cite web |title=World’s Most Admired Companies 2017: Fortune Brands Home & Security |url=https://fortune.com/worlds-most-admired-companies/2017/fortune-brands-home-security/ |website=Fortune |access-date=5 March 2021}}</ref> 2016,<ref>{{cite web |title=World’s Most Admired Companies 2016: Fortune Brands Home & Security |url=https://fortune.com/worlds-most-admired-companies/2016/fortune-brands-home-security/ |website=Fortune |access-date=5 March 2021}}</ref>, 2015,<ref>{{cite web |title=World’s Most Admired Companies 2015: Fortune Brands Home & Security |url=https://fortune.com/worlds-most-admired-companies/2015/fortune-brands-home-security/ |website=Fortune |access-date=5 March 2021}}</ref> 2014, 2013,<ref>{{cite news |title=Fortune Brands Home & Security Named to FORTUNE Magazine’s List of “World’s Most Admired Companies” for Second Consecutive Year |url=https://www.businesswire.com/news/home/20130307006021/en/Fortune-Brands-Home-Security-Named-to-FORTUNE-Magazine%E2%80%99s-List-of-%E2%80%9CWorld%E2%80%99s-Most-Admired-Companies%E2%80%9D-for-Second-Consecutive-Year |access-date=5 March 2021 |publisher=Business Wire |date=7 March 2013}}</ref> and 2012. <ref>{{cite news |title=Fortune Brands Home & Security Named to FORTUNE Magazine’s List of “World’s Most Admired Companies” |url=https://www.businesswire.com/news/home/20120306006939/en/Fortune-Brands-Home-Security-Named-to-FORTUNE-Magazine%E2%80%99s-List-of-%E2%80%9CWorld%E2%80%99s-Most-Admired-Companies%E2%80%9D |access-date=5 March 2021 |publisher=Business Wire |date=6 March 2012}}</ref>

Fortune Brands was named to [[Crain’s Chicago Business]]’ 2020 List of Chicago’s Most Innovative Companies.<ref>{{cite news |title=Chicago's Most Innovative Companies 2020 |url=https://www.chicagobusiness.com/technology/chicagos-most-innovative-companies-2020 |access-date=5 March 2021 |publisher=Crain's Business Chicago |date=23 October 2020}}</ref>


In 2020<ref>{{cite web |title=America's Most Responsible Companies 2020 |url=https://www.newsweek.com/americas-most-responsible-companies-2020 |website=Newsweek |access-date=5 March 2021}}</ref> and 2021,<ref>{{cite web |title=America's Most Responsible Companies 2021 |url=https://www.newsweek.com/americas-most-responsible-companies-2021 |website=Newsweek |access-date=5 March 2021}}</ref> Fortune Brands was named to [[Newsweek|Newsweek’s]] List of America’s Most Responsible Companies.
{{authority control}}


== References ==
{{DEFAULTSORT:Fortune Brands Home and Security}}
{{reflist}}
[[Category:Companies listed on the New York Stock Exchange]]
[[Category:Companies based in Deerfield, Illinois]]
[[Category:Manufacturing companies established in 2011]]
[[Category:American companies established in 2011]]
[[Category:2011 establishments in Illinois]]

Revision as of 14:47, 10 March 2021

Fortune Brands Home & Security, Inc.
Company typePublic
NYSE: FBHS
Founded2011
HeadquartersDeerfield, Illinois
Key people
Nicholas I. Fink, CEO
ProductsHome & Security
RevenueUS$6.1 billion (2020)[1]
US$801.4 million (2020)[2]
Total assetsUS$7.4 billion (2020)[1]
Total equityUS $2.8 billion (2020)[1]
Number of employees
27,500 (2020)[1]
Divisions3
Websitefbhs.com

Introduction

Fortune Brands Home & Security, Inc. (or “Fortune Brands”) is a manufacturer of home and security products, headquartered in Deerfield, IL. Its portfolio of businesses and brands includes Moen and the House of Rohl; outdoor living and security products from Therma-Tru, LARSON, Fiberon, Master Lock and SentrySafe; and MasterBrand Cabinets. Fortune Brands is a Fortune 500 company and part of the S&P 500 Index. As of December 31, 2020, the company reported employing approximately 27,500 associates[1] and posted full-year 2020 net sales of $6.1 billion.[2]

History

Fortune Brands Home & Security, Inc. began trading on the New York Stock Exchange under the ticker symbol FBHS on October 3, 2011. Prior to its spin-off, the company operated as a division of the former Fortune Brands, Inc. holding company.[3] Following the separation, Fortune Brands, Inc. changed its name to Beam Inc. and retained no ownership interest in Fortune Brands Home & Security, Inc.

Business segments

As of December 31, 2020, Fortune Brands has three reporting segments: Plumbing, Outdoors & Security and Cabinets.

Plumbing

Fortune Brands’ Plumbing segment is comprised of the Global Plumbing Group, headquartered in North Olmsted, Ohio. Formed in 2016,[4] the Global Plumbing Group manufactures or assembles and sells faucets, accessories, kitchen sinks and waste disposals, predominantly under the Moen and House of Rohl brands, which includes luxury branded plumbing products from Riobel, Perrin & Rowe, Victoria + Albert and Shaws. In addition to offering faucets, showers, tubs, sinks and accessories, the Moen brand is expanding its home whole water management and digital offerings with its U by Moen Smart Faucet, U by Moen Smart Shower and Flo by Moen Smart Water Security System.[5][6][7]

Outdoors & Security

Fortune Brands’ Outdoors & Security segment is headquartered in Maumee, Ohio. Formerly operating under “Doors & Security,”[8] its name was changed to Outdoors & Security[9] in November 2020 preceding the acquisition of LARSON in December 2020.[10] The Outdoors & Security segment manufactures and sells fiberglass and steel entry door systems under the Therma-Tru brand name, storm, screen and security doors under the LARSON brand name, composite decking and railing under the Fiberon brand name, and urethane millwork under the Fypon brand name. It also manufactures, sources and distributes locks, safety and security devices, and electronic security products under the Master Lock and American Lock brands and fire resistant safes, security containers and commercial cabinets under the SentrySafe brand.

Cabinets

Fortune Brands’ Cabinets segment is headquartered in Jasper, Indiana. MasterBrand Cabinets manufacturers and sells stock and semi-custom and custom cabinetry, as well as vanities for the kitchen, bath and other parts of the home. Brands within the MasterBrand Cabinets portfolio include Omega, Decora, Diamond, Aristokraft, Urbana and Mantra.

Mergers, acquisitions and divestitures timeline

Fortune Brands Home & Security, Inc. spun-off from Fortune Brands, Inc. on October 3, 2011 and began trading as a separate company on the NYSE. Below is the timeline of mergers, acquisitions and divestitures from the time of the spin-off:

2013

2014

2015

2016

  • May: Acquired Riobel[23][4]
  • September: Acquired Rohl and Perrin & Rowe[24][4]

2017

  • July: Acquired Shaws of England[25]
  • October: Acquired Victoria + Albert</ref>[4]

2018

2020

Financial performance

Fortune Brands’ business strategy includes investing in its current brands and businesses to build on its brands’ leading market positions and develop innovative products that promote growth, leverage its global supply chains to be more flexible and improve quality, costs and efficiencies and generating incremental shareholder value by deploying capital for strategic mergers & acquisitions, share repurchases and dividends.[1]

Fortune Brands has increased annual sales every year since its first full year as an independently traded company.

Net sales by year[29]

  • 2020: $6.1 billion
  • 2019: $5.8 billion
  • 2018: $5.5 billion
  • 2017: $5.3 billion
  • 2016: $5.0 billion
  • 2015: $4.6 billion
  • 2014: $4.0 billion
  • 2013: $3.7 billion
  • 2012: $3.1 billion

Corporate responsibility

Since becoming a public company in 2011, Fortune Brands’ Nominating Committee had the responsibility to monitor the company’s corporate social responsibility efforts, including its philanthropic activities, employee health and safety practices, and employee diversity programs. In 2020, Fortune Brands renamed its Nominating committee of its Board of Directors to the Nominating, Environmental, Social and Governance (ESG) committee and expanded its oversight to include the company’s ESG program, policies and related risks.[30] Fortune Brands provides ESG data on its website and through its published ESG report.[31]

Leadership

Nicholas I. Fink is chief executive officer of Fortune Brands and is on its Board of Directors. He assumed the CEO role on January 6, 2020,[32] after having served as chief operating officer of Fortune Brands, and prior to that, the president of the Fortune Brands Global Plumbing Group. Fink succeeded Christopher J. Klein, who had held the chief executive officer role at Fortune Brands from 2011 through his retirement from CEO in December 31, 2019.</ref>[32]

Patrick D. Hallinan is chief financial officer of Fortune Brands.[33] He assumed the CFO role on July 1, 2017. Hallinan succeeded E. Lee Wyatt, who had held the chief financial officer role at Fortune Brands from 2011 through June 30, 2017. Wyatt retired from Fortune Brands at the end of 2017.

Board of directors

Susan Saltzbart Kilsby is the independent, non-executive chair of Fortune Brands’ Board of Directors.[34] Kilsby spent most of her career at Credit Suisse AG, holding a variety of senior positions including managing director and head of mergers and acquisitions for Europe, the Middle East and Africa from 2009 until her retirement in May 2014.

She first joined Fortune Brands’ board on July 28, 2015. On January 1, 2020 she became non-executive chair of the Board of Directors, succeeding Christopher J. Klein, who had held the executive board chair position from January 1, 2020 to December 31, 2020. Prior to Klein, David M. Thomas served as chair of the board from 2011 to December 31, 2019.

All members of the board, except for Fink, are independent under the New York Stock Exchange rules.  

Awards

Fortune Brands Home & Security, Inc., has been included on the FORTUNE List of World's Most Admired Companies within the Home Equipment, Furnishings category, for the following years: 2021,[35] 2020, [36] 2019,[37], 2017,[38] 2016,[39], 2015,[40] 2014, 2013,[41] and 2012. [42]

Fortune Brands was named to Crain’s Chicago Business’ 2020 List of Chicago’s Most Innovative Companies.[43]

In 2020[44] and 2021,[45] Fortune Brands was named to Newsweek’s List of America’s Most Responsible Companies.

References

  1. ^ a b c d e f "FBHS 2020 10-K Filing". Fortune Brands Home & Security. Retrieved 8 March 2021.
  2. ^ a b "Fortune Brands Reports Strong Sales and Profit Growth in 4Q and Full Year 2020; Provides 2021 Annual Outlook for Continued Leading Growth". Business Wire. 2 February 2021. Retrieved 8 March 2021.
  3. ^ "Fortune Brands to Complete Spin-Off of Home & Security Business and Become Pure-Play Spirits Company Named Beam". Business Wire. 3 October 2011. Retrieved 5 March 2021.
  4. ^ a b c d "Fortune Brands Creates Global Plumbing Group (GPG) as a Foundation to Accelerate Plumbing Growth Opportunities, Announces Acquisitions of Luxury Brands". Business Wire. 18 August 2016. Retrieved 9 March 2021.
  5. ^ "Moen Launches Industry-First Smart Water Network to Provide Convenience and Security; Experience it at CES 2021". Yahoo! Finance. 11 January 2021. Retrieved 8 March 2021.
  6. ^ "Moen completes its whole-home water security portfolio with the Flo by Moen Smart Sump Pump Monitor". TechHive. 15 January 2021. Retrieved 8 March 2021.
  7. ^ "Moen First to Introduce Smart Technology for Whole-Home Connected Water Product Suite". Moen. Retrieved 5 March 2021.
  8. ^ "Fortune Brands Signs Agreement to Acquire Fiberon; Marks Entry into Fast Growing Outdoor Living Market within New Doors & Security Segment". Business Wire. 23 August 2018. Retrieved 8 March 2021.
  9. ^ "CORRECTING and REPLACING Fortune Brands Expands Further Into Outdoor Living; Renames Segment Outdoors & Security and Signs Agreement to Acquire LARSON". Business Wire. 17 November 2020. Retrieved 8 March 2021.
  10. ^ a b "Fortune Brands Completes Acquisition of LARSON as Part of Outdoors & Security Segment". Business Wire. 14 December 2020. Retrieved 9 March 2021.
  11. ^ "Fortune Brands Home & Security Completes Acquisition of WoodCrafters Home Products". Business Wire. 20 June 2013. Retrieved 5 March 2021.
  12. ^ "Fortune Brands Acquires Vanity-Maker WoodCrafters Home Products". Woodworking Network. 25 June 2013. Retrieved 8 March 2021.
  13. ^ "Master Lock acquires Sentry Safe". SecurityInfoWatch.com. 5 August 2014. Retrieved 8 March 2021.
  14. ^ "Fortune Brands Reports Sales and EPS for Q2; Updates 2014 Annual Outlook; Announces Acquisition and Share Repurchases". Business Wire. 30 July 2014. Retrieved 5 March 2021.
  15. ^ "Ply Gem Acquires Simonton Windows from Fortune Brands". ProSales. 20 August 2014. Retrieved 8 March 2021.
  16. ^ "Fortune Brands Completes Sale of Simonton Windows". Business Wire. 22 September 2014. Retrieved 5 March 2021.
  17. ^ "Ply Gem Industries Completes Acquisition of Simonton Windows from Fortune Brands Home & Security". Business Wire. 22 September 2014. Retrieved 5 March 2021.
  18. ^ "Fortune Brands Agrees to Acquire Cabinetry Maker Norcraft". The Wall Street Journal. 30 March 2015. Retrieved 8 March 2021.
  19. ^ "Eagan-based Norcraft Cos. to be acquired by Fortune Brands in $600 million deal". StarTribune. 30 March 2015. Retrieved 8 March 2021.
  20. ^ "Fortune Brands Completes Tender Offer for Norcraft Companies, Inc". Business Wire. 12 May 2015. Retrieved 5 March 2021.
  21. ^ "Waterloo Industries under new ownership; no changes planned for local workers". The Courier. 15 November 2015. Retrieved 8 March 2021.
  22. ^ "FBHS 2015 10-K Filing". Fortune Brands Home & Security. Retrieved 5 March 2021.
  23. ^ "Fortune Brands' Global Plumbing Group acquires Riobel". HPAC. 8 September 2016. Retrieved 8 March 2021.
  24. ^ "Fortune Forms Plumbing Group Acquires ROHL". Kitchen & Bath Design News. Retrieved 8 March 2021.
  25. ^ "Fortune Brands Reports Third Quarter Sales and EPS Growth; Narrows 2017 Annual EPS Outlook". Business Wire. 25 October 2017. Retrieved 9 March 2021.
  26. ^ "Fortune Brands Acquires Fiberon, Enters Outdoor Living Market". ProSales. 23 August 2018. Retrieved 8 March 2021.
  27. ^ "Fortune Brands Completes Acquisition of Fiberon as Part of Doors & Security Segment". Business Wire. 11 September 2018. Retrieved 5 March 2021.
  28. ^ "Fortune Brands' Acquisition of Larson Complete". Door and Window Market. 15 December 2020.
  29. ^ "FBHS Annual Reports & Proxies". Fortune Brands Home & Security. Retrieved 5 March 2021.
  30. ^ "Fortune Brands Elevates Commitment to Strategically Focus on Environmental, Social & Governance Initiatives". Business Wire. 10 March 2020. Retrieved 5 March 2021.
  31. ^ "FBHS Global Citizenship". Fortune Brands Home & Security. Retrieved 5 March 2021.
  32. ^ a b "Fortune Brands Announces Planned Leadership Transitions Effective January 6, 2020". Business Wire. 24 September 2019. Retrieved 9 March 2021.
  33. ^ "Fortune Brands Names Patrick Hallinan as Senior Vice President and Chief Financial Officer". Business Wire. 26 June 2017. Retrieved 5 March 2021.
  34. ^ "Fortune Brands Appoints Susan Saltzbart Kilsby as Non-Executive Chair of the Board". Business Wire. 21 December 2020. Retrieved 5 March 2021.
  35. ^ "World's Most Admired Companies 2021: Fortune Brands Home & Security". Fortune. Retrieved 5 March 2021.
  36. ^ "World's Most Admired Companies 2020: Fortune Brands Home & Security". Fortune. Retrieved 5 March 2021.
  37. ^ "World's Most Admired Companies 2019: Fortune Brands Home & Security". Fortune. Retrieved 5 March 2021.
  38. ^ "World's Most Admired Companies 2017: Fortune Brands Home & Security". Fortune. Retrieved 5 March 2021.
  39. ^ "World's Most Admired Companies 2016: Fortune Brands Home & Security". Fortune. Retrieved 5 March 2021.
  40. ^ "World's Most Admired Companies 2015: Fortune Brands Home & Security". Fortune. Retrieved 5 March 2021.
  41. ^ "Fortune Brands Home & Security Named to FORTUNE Magazine's List of "World's Most Admired Companies" for Second Consecutive Year". Business Wire. 7 March 2013. Retrieved 5 March 2021.
  42. ^ "Fortune Brands Home & Security Named to FORTUNE Magazine's List of "World's Most Admired Companies"". Business Wire. 6 March 2012. Retrieved 5 March 2021.
  43. ^ "Chicago's Most Innovative Companies 2020". Crain's Business Chicago. 23 October 2020. Retrieved 5 March 2021.
  44. ^ "America's Most Responsible Companies 2020". Newsweek. Retrieved 5 March 2021.
  45. ^ "America's Most Responsible Companies 2021". Newsweek. Retrieved 5 March 2021.
Retrieved from "https://en.wikipedia.org/w/index.php?title=Fortune_Brands_Innovations&oldid=1011369633"