Announces Two Key Initiatives to Support Affordable Housing
Fortune Brands Home & Security, Inc. (NYSE: FBHS), an industry-leading home and security products company, today celebrates the 10th anniversary of becoming a publicly-traded company by announcing two key affordable housing initiatives to help the larger community fulfill their dreams of home.
“Since becoming an independent company ten years ago, our purpose has been fulfilling dreams of home,” said Nicholas Fink, chief executive officer, Fortune Brands. “This purpose drives everything that we do, and today, on our 10th anniversary, I am so pleased to announce our participation in two initiatives that help make the dreams of home more attainable for families in our communities.”
For its first initiative, Fortune Brands worked with Rebuilding Together – a national nonprofit organization with the mission to repair the homes of people in need – to create the Dreams of Home community revitalization project. The new project launches with a $500,000 commitment from Fortune Brands to support critical home repairs for underserved neighbors in communities near several of its operations, including the Chicago metro area; Northeastern Ohio; Rogue Valley, Oregon; and the greater Charlotte, North Carolina area.
“We are thankful for Fortune Brands’ commitment to safe homes and communities,” said Caroline Blakely, president and chief executive officer, Rebuilding Together. “With their support we will have a tremendous impact on neighbors’ health and overall quality of life.”
The Company’s second affordable housing initiative supports Habitat for Humanity in Lake County, Illinois. Through a $150,000 donation made this year, Fortune Brand is sponsoring the 5 Homes for 5 Families project. The contribution will fund the construction of a new home in the county where Fortune Brands is headquartered. This donation brings Fortune Brands’ total support for Habitat for Humanity to over $1 million since 2011.
A History of Growth, Value Creation and Innovation
Since the Company’s spin-off in 2011, it has grown from $2.9 billion in sales to $6.1 billion in sales as of year-end 2020 and joined the S&P 500 Index and Fortune 500. Fortune Brands has consistently outperformed the market and has increased dividend payouts each year since it first initiated the dividend in 2013.
From its starting point of approximately 14,000 associates, the Fortune Brands team now consists of 27,500 associates across the globe. The Company has expanded its total product portfolio and consumer reach by growing organically and completing ten key strategic acquisitions over the last ten years. Fortune Brands continues to leverage consumer insights to drive innovation, and has accelerated its offerings in digital solutions, connected home and sustainable products.
“We have been able to drive increasing growth and value creation over the years through our powerful portfolio model which leverages wide-ranging consumer insights to drive brand building and innovation,” said Fink. “By combining these investments with our differentiated Fortune Brands Advantage capabilities, we believe we can accelerate value creation to benefit all our stakeholders. At the center of our success is our people, who live our values and drive our purpose each day.”
The Fortune Brands Advantage
Fortune Brands’ operating model, culture and management focus has yielded many benefits, from leveraging market insights across the organization to creating manufacturing synergies. The Company’s strong balance sheet and cash flow has also enabled aggressive investments in its businesses to further strengthen them and keep them positioned for long-term growth.
One such investment that contributes to continued long-term outperformance is the Fortune Brands Advantage. The Fortune Brands Advantage is the Company’s unifying operating model focused on building up a common set of capabilities in category management, global supply chain excellence and complexity reduction. These capabilities are being leveraged across the enterprise to help fund investments in key growth initiatives such as brand building and product innovation, digital capabilities, and capacity and distribution expansion. Investing in and deploying the Fortune Brands Advantage drives both incremental growth and margin expansion to ensure the Company continually outperforms.
“Each brand across our organization is strong by itself but bringing them together within Fortune Brands provides a strong network for each to leverage best practices, share housing market insights and provide expertise,” said Fink. “This allows each to run more efficiently and effectively, leading to better products and support for our customers. The Fortune Brands Advantage will help us drive growth well into the future.”
In celebration of the Company’s 10th anniversary, it launched a brand-new website. The new site better represents the Company’s brands and teams, as well as its elevated focus on environmental, social and governance (ESG) matters, including philanthropic efforts; sustainability initiatives; and diversity, equity and inclusion.
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, Plumbing, Outdoors & Security, and Cabinets, Fortune Brands’ 27,500 associates work with a purpose to fulfill the dreams of home.
The Company’s growing portfolio of complementary businesses and innovative brands include Moen and the House of Rohl within the Global Plumbing Group; 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.
Cautionary Statement Concerning Forward-Looking Statements
This press release contains certain “forward-looking statements” regarding general business strategies, market potential, future financial performance, the potential of our brands and the housing market, 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. Important factors that could affect performance and cause results to differ materially from management’s expectations, or could affect the Company’s ability to achieve its strategic goals, include the uncertainties relating to the impact of COVID-19 on the Company’s business, operations and employees 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, 2020, 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.