Fortune Brands Innovations

Last updated

Fortune Brands Innovations, Inc.
FormerlyFortune Brands Home & Security, Inc.
Company type Public
Founded2011;13 years ago (2011)
Headquarters Deerfield, Illinois, U.S.
Key people
Nicholas I. Fink, CEO
ProductsHome & Security
Revenue US$7.7 billion (2021) [1]
US$1.1 billion (2021) [1]
Total assets US$7.9 billion (2021) [1]
Total equity US$3.1 billion (2021) [1]
Number of employees
28,000 (2021) [1]
Subsidiaries Moen Incorporated
House of Rohl
Therma-Tru
Larson
Fiberon
Master Lock
Sentry Group
MasterBrand Cabinets
Website fbin.com

Fortune Brands Innovations, Inc. (or "Fortune Brands") is an American manufacturer of home and security products, headquartered in Deerfield, Illinois. 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 400 Index. As of December 31, 2021, the company reported employing approximately 28,000 associates [1] and posted full-year 2021 net sales of $7.7 billion. [1]

Contents

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. [2] Following the separation, Fortune Brands, Inc. changed its name to Beam Inc. and retained no ownership interest in Fortune Brands Home & Security, Inc.

In August 2022, Fortune Brands acquired Aqualisa Holdings, a shower products manufacturer, for $160 million. [3]

Business segments

As of April 28, 2022, Fortune Brands has three reporting segments: Water Innovations, Outdoors & Security and Cabinets.

Water Innovations

Fortune Brands' Water Innovations segment (formerly the Global Plumbing Group) [4] [5] is headquartered in North Olmsted, Ohio. The segment 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 the Moen Smart Water Network. [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. Fortune Brands acquired Solar Innovations in January 2022 to support the segment’s outdoor living strategy. [11] The Outdoors & Security segment 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. [12]

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. In April 2022 Fortune Brands announced its intent to separate into two publicly traded companies via a tax-free spin-off of the Cabinets business. [13] [14]

Mergers, acquisitions and divestitures

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:

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]

As of the end of 2021, Fortune Brands increased its annual sales every year since its first full year as an independently traded company. [34]

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, [35] after having served as chief operating officer of Fortune Brands, and prior to that, the president of the Fortune Brands Global Plumbing Group (now known as Water innovations). [5] Fink succeeded Christopher J. Klein, who had held the chief executive officer role at Fortune Brands from 2011 through his retirement from CEO on December 31, 2019. [35]

Patrick D. Hallinan is chief financial officer of Fortune Brands. [36] 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. [37] 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: 2022, [38] 2021, [39] 2020, [40] 2019, [41] 2017, [42] 2016, [43] 2015, [44] 2014, 2013, [45] and 2012. [46]

Fortune Brands was named to Crain's Chicago Business' 2020 List of Chicago's Most Innovative Companies. [47]

In 2020, [48] 2021, [49] and 2022 [50] Fortune Brands was named to Newsweek 's List of America's Most Responsible Companies.

Related Research Articles

<span class="mw-page-title-main">Cisco</span> American multinational technology company

Cisco Systems, Inc.,, is an American multinational digital communications technology conglomerate corporation headquartered in San Jose, California. Cisco develops, manufactures, and sells networking hardware, software, telecommunications equipment and other high-technology services and products. Cisco specializes in specific tech markets, such as the Internet of things (IoT), domain security, videoconferencing, and energy management with leading products including Webex, OpenDNS, Jabber, Duo Security, and Jasper. Cisco is one of the largest technology companies in the world, ranking 82nd on the Fortune 100 with over $51 billion in revenue and nearly 83,300 employees.

<span class="mw-page-title-main">McAfee</span> American global computer security software company

McAfee Corp., formerly known as McAfee Associates, Inc. from 1987 to 1997 and 2004 to 2014, Network Associates Inc. from 1997 to 2004, and Intel Security Group from 2014 to 2017, is an American global computer security software company headquartered in San Jose, California.

<span class="mw-page-title-main">Accenture</span> Irish multinational consulting company

Accenture plc is an Irish-American professional services company based in Dublin, specializing in information technology (IT) services and consulting. A Fortune Global 500 company, it reported revenues of $64.1 billion in 2023. Accenture's current clients include 91 of the Fortune Global 100 and more than three-quarters of the Fortune Global 500. As of 2022, Accenture is considered the largest consulting firm in the world by number of employees.

Abbott Laboratories is an American multinational medical devices and health care company with headquarters in Green Oaks, Illinois, United States. The company was founded by Chicago physician Wallace Calvin Abbott in 1888 to formulate known drugs; today, it sells medical devices, diagnostics, branded generic medicines and nutritional products. It split off its research-based pharmaceuticals business into AbbVie in 2013.

<span class="mw-page-title-main">Rentokil Initial</span> British business services company

Rentokil Initial is a British business services group based in Crawley, England. It was founded in 1925 as a pest-control business but subsequently expanded and diversified, in part through organic growth under the leadership of Sir Clive Thompson in the 1980s and 1990s, and in part, through the acquisition of BET plc in 1996, into a business delivering a wide range of facilities management services. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.

<span class="mw-page-title-main">Textron</span> American industrial conglomerate

Textron Inc. is an American industrial conglomerate based in Providence, Rhode Island. Textron's subsidiaries include Arctic Cat, Bell Textron, Textron Aviation, and Lycoming Engines. It was founded by Royal Little in 1923 as the Special Yarns Company. In 2020, Textron employed over 33,000 people in 25 different countries. The company ranked 265th on the 2021 Fortune 500 of the largest United States corporations by revenue.

Stanley Black & Decker, Inc., formerly known as The Stanley Works, is a Fortune 500 American manufacturer of industrial tools and household hardware, and a provider of security products. Headquartered in the greater Hartford city of New Britain, Connecticut, Stanley Black & Decker is the result of the merger of The Stanley Works and Black & Decker on March 12, 2010.

<span class="mw-page-title-main">Kindred Healthcare</span> U.S. healthcare company

Kindred Healthcare was a post-acute healthcare services company that operated long-term acute-care hospitals and provides rehabilitation services across the United States.

<span class="mw-page-title-main">TJX Companies</span> American multinational discount department store corporation

The TJX Companies, Inc. is an American multinational off-price department store corporation, headquartered in Framingham, Massachusetts. It was formed as a subsidiary of Zayre Corp. in 1987, and became the legal successor to Zayre Corp. following a company reorganization in 1989.

<span class="mw-page-title-main">American Brands</span> Defunct American holding company

Fortune Brands was a holding company founded in 1969 as American Brands, renamed in 1997 and split apart in 2011. The corporate headquarters was in Deerfield, Illinois, in the United States. The company had diversified product lines. It announced on December 8, 2010, that it would focus on its liquor business, and spin off or sell other parts of the company including home furnishings, hardware and golf products. The company sold its Titleist and FootJoy product lines to Fila. On October 3, 2011, it split the remainder of its business into two publicly traded companies: Fortune Brands Home & Security and Beam Inc. (NYSE: BEAM). On January 13, 2014, Suntory announced it would buy Beam Inc. for about $13.6 billion. The acquisition was completed on April 30, 2014, for about $16 billion and Beam became a subsidiary of Suntory named Beam Suntory.

Moen is an American product line of faucets and other fixtures started by inventor Alfred M. Moen that is now part of the Fortune Brands Innovations company. The Moen subsidiary is headquartered in North Olmsted, Ohio. Moen was originally part of Ravenna Metal Products of Seattle, Washington.

Henry Schein, Inc. is an American distributor of health care products and services with a presence in 32 countries. The company is a Fortune World's Most Admired Company and is ranked number one in its industry for social responsibility by Fortune magazine. Ethisphere named Henry Schein as one of the 2023 World's Most Ethical Companies for the 12th consecutive year.

<span class="mw-page-title-main">Dover Corporation</span> American industrial conglomerate corporation

Dover Corporation is an American conglomerate manufacturer of industrial products. The Downers Grove, Illinois-based company was founded in 1955. As of 2021, Dover's business was divided into five segments: Engineered Products, Clean Energy and Fueling, Imaging & Identification, Pumps & Process Solutions and Climate and Sustainability Technologies. Dover is a constituent of the S&P 500 index and trades on the New York Stock Exchange under "DOV". Dover was ranked 433rd in the 2022 Fortune 500. The company relocated its headquarters to Illinois from New York in mid-2010.

Iron Mountain Inc. is an American enterprise information management services company founded in 1951 and headquartered in Boston, Massachusetts. Its records management, information destruction, and data backup and recovery services are supplied to more than 220,000 customers in 58 countries throughout North America, Europe, Latin America, Africa, Asia, and Australia. As of 2020 over 94% of Fortune 1000 companies use Iron Mountain's services to store and manage their information in some capacity.

<span class="mw-page-title-main">CommScope</span> American network infrastructure manufacturer

CommScope Holding Company, Inc. is an American network infrastructure provider based in Hickory, North Carolina. CommScope employs over 30,000 employees. The company joined the Nasdaq stock exchange on October 25, 2013.

Ingersoll Rand Inc. is an American multinational company that provides flow creation and industrial products. The company was formed in February 2020 through the spinoff of the industrial segment of Ingersoll-Rand plc and its merger with Gardner Denver. Its products are sold under more than 40 brands across all major global markets.

<span class="mw-page-title-main">Ingredion</span> American ingredient manufacturer

Ingredion Inc. is an American food and beverage ingredient provider based in Westchester, Illinois, producing mainly starches, non-GMO sweeteners, stevia, and pea protein. The company turns corn, tapioca, potatoes, plant-based stevia, grains, fruits, gums and other vegetables into ingredients for the food, beverage, brewing, and pharmaceutical industries and numerous industrial sectors. It has about 12,000 employees in 44 locations, and customers in excess of 120 countries.

Mandiant is an American cybersecurity firm and a subsidiary of Google. It rose to prominence in February 2013 when it released a report directly implicating China in cyber espionage. In December 2013, Mandiant was acquired by FireEye for $1 billion, who eventually sold the FireEye product line, name, and its employees to Symphony Technology Group for $1.2 billion in June 2021.

<span class="mw-page-title-main">HP Inc.</span> American information technology corporation

HP Inc. is an American multinational information technology company headquartered in Palo Alto, California, that develops personal computers (PCs), printers and related supplies, as well as 3D printing services. It was formed on November 1, 2015, as the legal successor of the original Hewlett-Packard after the company's enterprise product and business services divisions were spun off as a new publicly traded company, Hewlett Packard Enterprise.

Global Payments Inc. is an American multinational financial technology company that provides payment technology and services to merchants, issuers and consumers. In June 2021, the company was named to the Fortune 500. The company processes payments made through credit cards, debit cards, and digital and contactless payments.

References

  1. 1 2 3 4 5 6 7 8 "FBHS 2021 10-K Filing". Fortune Brands Home & Security. Retrieved May 11, 2022.
  2. ↑ "Fortune Brands to Complete Spin-Off of Home & Security Business and Become Pure-Play Spirits Company Named Beam". Business Wire. October 3, 2011. Retrieved March 5, 2021.
  3. ↑ MarketScreener. "Fortune Brands Buys Aqualisa for $160 Million | MarketScreener". www.marketscreener.com. Retrieved August 1, 2022.
  4. ↑ "Fortune Brands (FBHS) Q1 Earnings & Revenues Beat Estimates". Markets Insider. Markets Insider. Retrieved May 11, 2022.
  5. 1 2 Salzman, Avi. "How a Spinoff Will Boost Fortune Brands - and Make the Stock a Buy Now". Barron's. Barron's. Retrieved May 11, 2022.
  6. ↑ "Moen Launches Industry-First Smart Water Network to Provide Convenience and Security; Experience it at CES 2021". Yahoo! Finance. January 11, 2021. Retrieved March 8, 2021.
  7. ↑ "Moen's New Touchless Smart Faucets Are Full of Functionality". Reviewed. Reviewed. Retrieved May 11, 2022.
  8. ↑ "Fortune Brands Signs Agreement to Acquire Fiberon; Marks Entry into Fast Growing Outdoor Living Market within New Doors & Security Segment". Business Wire. August 23, 2018. Retrieved March 8, 2021.
  9. ↑ "CORRECTING and REPLACING Fortune Brands Expands Further Into Outdoor Living; Renames Segment Outdoors & Security and Signs Agreement to Acquire LARSON". Business Wire. November 17, 2020. Retrieved March 8, 2021.
  10. 1 2 "Fortune Brands Completes Acquisition of LARSON as Part of Outdoors & Security Segment". Business Wire. December 14, 2020. Retrieved March 9, 2021.
  11. 1 2 3 4 "Fortune Brands Acquires Solar Innovations; Further Expands Its Outdoor Living Offerings". Yahoo! Finance. February 1, 2022. Retrieved May 11, 2022.
  12. ↑ "Those who invested in Fortune Brands Innovations (NYSE:FBIN) three years ago are up 83%". simplywall.st. Retrieved May 4, 2023.
  13. ↑ "FORTUNE BRANDS TO SEPARATE INTO TWO PUBLICLY TRADED COMPANIES". Window + Door. May 3, 2022. Retrieved May 11, 2022.
  14. ↑ Adams, Larry (May 1, 2022). "Fortune Brands to split in two; cabinets to become a stand-alone business". Woodworking Network. Retrieved May 12, 2022.
  15. ↑ "Fortune Brands Home & Security Completes Acquisition of WoodCrafters Home Products". Business Wire. June 20, 2013. Retrieved March 5, 2021.
  16. ↑ "Fortune Brands Acquires Vanity-Maker WoodCrafters Home Products". Woodworking Network. June 25, 2013. Retrieved March 8, 2021.
  17. ↑ "Master Lock acquires Sentry Safe". SecurityInfoWatch.com. August 5, 2014. Retrieved March 8, 2021.
  18. ↑ "Fortune Brands Reports Sales and EPS for Q2; Updates 2014 Annual Outlook; Announces Acquisition and Share Repurchases". Business Wire. July 30, 2014. Retrieved March 5, 2021.
  19. ↑ "Ply Gem Acquires Simonton Windows from Fortune Brands". ProSales. August 20, 2014. Retrieved March 8, 2021.
  20. ↑ "Fortune Brands Completes Sale of Simonton Windows". Business Wire. September 22, 2014. Retrieved March 5, 2021.
  21. ↑ "Ply Gem Industries Completes Acquisition of Simonton Windows from Fortune Brands Home & Security". Business Wire. September 22, 2014. Retrieved March 5, 2021.
  22. ↑ "Fortune Brands Agrees to Acquire Cabinetry Maker Norcraft". The Wall Street Journal. March 30, 2015. Retrieved March 8, 2021.
  23. ↑ "Eagan-based Norcraft Cos. to be acquired by Fortune Brands in $600 million deal". StarTribune. March 30, 2015. Retrieved March 8, 2021.
  24. ↑ "Fortune Brands Completes Tender Offer for Norcraft Companies, Inc". Business Wire. May 12, 2015. Retrieved March 5, 2021.
  25. ↑ "Waterloo Industries under new ownership; no changes planned for local workers". The Courier. November 15, 2015. Retrieved March 8, 2021.
  26. ↑ "FBHS 2015 10-K Filing". Fortune Brands Home & Security. Retrieved March 5, 2021.
  27. ↑ "Fortune Brands' Global Plumbing Group acquires Riobel". HPAC. September 8, 2016. Retrieved March 8, 2021.
  28. 1 2 3 "Fortune Brands Creates Global Plumbing Group (GPG) as a Foundation to Accelerate Plumbing Growth Opportunities, Announces Acquisitions of Luxury Brands". Business Wire. August 18, 2016. Retrieved March 9, 2021.
  29. ↑ "Fortune Forms Plumbing Group Acquires ROHL". Kitchen & Bath Design News. Retrieved March 8, 2021.
  30. ↑ "Fortune Brands Reports Third Quarter Sales and EPS Growth; Narrows 2017 Annual EPS Outlook". Business Wire. October 25, 2017. Retrieved March 9, 2021.
  31. ↑ "Fortune Brands Acquires Fiberon, Enters Outdoor Living Market". ProSales. August 23, 2018. Retrieved March 8, 2021.
  32. ↑ "Fortune Brands Completes Acquisition of Fiberon as Part of Doors & Security Segment". Business Wire. September 11, 2018. Retrieved March 5, 2021.
  33. ↑ "Fortune Brands' Acquisition of Larson Complete". Door and Window Market. December 15, 2020.
  34. ↑ "FBHS Annual Reports & Proxies". Fortune Brands Home & Security. Retrieved May 11, 2022.
  35. 1 2 "Fortune Brands Announces Planned Leadership Transitions Effective January 6, 2020". Business Wire. September 24, 2019. Retrieved March 9, 2021.
  36. ↑ "Fortune Brands Names Patrick Hallinan as Senior Vice President and Chief Financial Officer". Business Wire. June 26, 2017. Retrieved March 5, 2021.
  37. ↑ "Fortune Brands Appoints Susan Saltzbart Kilsby as Non-Executive Chair of the Board". Business Wire. December 21, 2020. Retrieved March 5, 2021.
  38. ↑ "World's Most Admired Companies 2022: Fortune Brands Home & Security". Fortune. Retrieved May 11, 2022.
  39. ↑ "World's Most Admired Companies 2021: Fortune Brands Home & Security". Fortune. Retrieved March 5, 2021.
  40. ↑ "World's Most Admired Companies 2020: Fortune Brands Home & Security". Fortune. Retrieved March 5, 2021.
  41. ↑ "World's Most Admired Companies 2019: Fortune Brands Home & Security". Fortune. Retrieved March 5, 2021.
  42. ↑ "World's Most Admired Companies 2017: Fortune Brands Home & Security". Fortune. Retrieved March 5, 2021.
  43. ↑ "World's Most Admired Companies 2016: Fortune Brands Home & Security". Fortune. Retrieved March 5, 2021.
  44. ↑ "World's Most Admired Companies 2015: Fortune Brands Home & Security". Fortune. Retrieved March 5, 2021.
  45. ↑ "Fortune Brands Home & Security Named to FORTUNE Magazine's List of "World's Most Admired Companies" for Second Consecutive Year". Business Wire. March 7, 2013. Retrieved March 5, 2021.
  46. ↑ "Fortune Brands Home & Security Named to FORTUNE Magazine's List of "World's Most Admired Companies"". Business Wire. March 6, 2012. Retrieved March 5, 2021.
  47. ↑ "Chicago's Most Innovative Companies 2020". Crain's Business Chicago. October 23, 2020. Retrieved March 5, 2021.
  48. ↑ "America's Most Responsible Companies 2020". Newsweek. November 20, 2019. Retrieved March 5, 2021.
  49. ↑ "America's Most Responsible Companies 2021". Newsweek. November 24, 2020. Retrieved March 5, 2021.
  50. ↑ "America's Most Responsible Companies 2022". Newsweek. December 2, 2021. Retrieved May 11, 2022.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.