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Fortune Brands Innovations, Inc., an industry-leading home, security and digital products company, in collaboration with its board of directors and management has initiated a formal strategic review of its Fiberon composite decking business.
The review reflects Fortune Brands' ongoing commitment to active portfolio management and capital allocation discipline and is intended to ensure the Company's resources are concentrated in its highest-return opportunities. The process will explore a range of strategic alternatives while Fiberon continues to execute against its near-term commercial priorities and support and service customers.
"Fortune Brands is committed to maximizing shareholder value through disciplined portfolio management," said Fortune Brands interim chief executive officer David Barry. "While Fiberon is a strong brand with proven innovation credentials and well-established channel relationships, this strategic review supports our sharpened focus on our core platforms that drive profitable growth."
Fortune Brands has not established a definitive timetable for completion of the review, and there can be no assurance that this process will result in any transaction or other specific outcome. The company does not intend to make further public comment on the review unless and until it determines that disclosure is required or appropriate.
Fortune Brands Innovations, Inc. is an industry-leading home, security and digital products company whose purpose is to elevate every life by transforming spaces into havens. The company makes innovative products for residential and commercial environments, with a growing focus on digital solutions and products that add luxury, contribute to safety and enhance sustainability. Its brands include Moen, House of Rohl, Aqualisa, SpringWell, Therma-Tru, Larson, Fiberon, Master Lock, Sentry Safe, and Yale residential.
