Fortune Brands Home & Security is the product of a restructuring. In October 2011, its parent conglomerate, Fortune Brands Inc., spun out its home and security operations as a separate company in what was seen as an effort to ward off investor pressure.
It also in May of that year sold its golf business, Acushnet Co., for $1.2 billion to a group that included Fila Korea Ltd. and Mirae Asset Private Equity. The remaining assets became separately traded spirits company Beam Inc., also of Deerfield.
Fortune also reported first-quarter earnings Thursday. It recorded Ebitda of $84.5 million and $37.5 million in net income for the three months ended March 31, as compared with $45.4 million in Ebitda and $13 million in net income for the same period last year. Sales came in at $890 million for the first quarter of 2013 as compared to $798.8 million for the first quarter of 2012.
"We had another quarter of strong results," Klein said. "Our March 31 balance sheet ended with cash at $259 million. It remains solid. Debt remained at $326 million. Our net debt-to-Ebitda leverage is 0.2 times, and we have nothing drawn on our $650 million revolving credit facility," Wyatt added.The company also initiated a 10 cent per share dividend on Tuesday. WoodCrafters couldn't be reached for further comment on the deal. Fortune Brands has a market capitalization of $6.1 billion. Its stock opened Friday up 6% from the market close of $37.43 per share. Written by Thomas Zadvydas in New York