Fortune Brands Innovations
| Company type | Public |
|---|---|
| Industry | Home and security products |
| Founded | October 3, 2011 in Deerfield, Illinois, U.S. |
| Headquarters | Deerfield , United States |
Area served | United States |
Key people | Nicholas I. Fink (CEO) |
| Products | Home and security products including faucets, kitchen sinks, waste disposals, doors, decking, locks, safes, cabinetry |
Number of employees | 28000 (2021) |
| Website | www |
Fortune Brands Innovations, Inc.—commonly referred to as "Fortune Brands"—is a U.S.-based producer specializing in home and security products, with its main office located in Deerfield, Illinois. The company's diverse brand portfolio features names such as Moen, House of Rohl, as well as outdoor living and security labels including Therma-Tru, Larson, Fiberon, Master Lock, SentrySafe, and MasterBrand Cabinets. Fortune Brands holds a position within the Fortune 500 and is listed on the S&P 400 Index. By the end of 2021, the firm employed roughly 28,000 individuals and recorded annual net revenues totaling $7.7 billion.
History
On October 3, 2011, Fortune Brands Home & Security, Inc. commenced trading on the New York Stock Exchange under the symbol FBHS following its separation from the former Fortune Brands, Inc. holding company. Subsequent to this spin-off, the original entity was rebranded as Beam Inc. and divested all ownership interests in Fortune Brands Home & Security.
In August 2022, Fortune Brands broadened its range of offerings by acquiring Aqualisa Holdings—a manufacturer specializing in shower products—for $160 million.
Business segments
As reported on April 28, 2022, Fortune Brands operates through three main divisions: Water Innovations, Outdoors & Security, and Cabinets.
Water Innovations
Operating out of North Olmsted, Ohio, the Water Innovations segment (previously known as Global Plumbing Group) designs and markets faucets, kitchen sinks, waste disposals, and related accessories primarily under Moen and House of Rohl brands. This segment also includes premium plumbing lines such as Riobel, Perrin & Rowe, Victoria + Albert, and Shaws. Moen is actively enhancing its product suite by integrating whole-home water management systems and digital technologies via the Moen Smart Water Network, positioning itself strongly within the smart plumbing market.
Outdoors & Security
Headquartered in Maumee, Ohio, the Outdoors & Security division—renamed from Doors & Security in November 2020—specializes in outdoor living and security product categories. Its offerings encompass fiberglass and steel entry doors under Therma-Tru; storm and screen doors via Larson; composite decking and railing products from Fiberon; and urethane millwork through Fypon. The acquisition of Larson in December 2020 along with Solar Innovations in January 2022 has accelerated growth within outdoor living solutions. Additionally, this segment produces locking mechanisms and security equipment branded Master Lock and American Lock, alongside fire-resistant safes and commercial cabinetry through SentrySafe—fortifying its market presence in security-related products.
Cabinets
The Cabinets segment of Fortune Brands is based in Jasper, Indiana and operates through MasterBrand Cabinets. This division manufactures and distributes stock, semi-custom, and fully custom cabinetry together with kitchen and bathroom vanities. Prominent brands under this segment include Omega, Decora, Diamond, Aristokraft, Urbana, and Mantra. In April 2022, Fortune Brands announced intentions to spin off the Cabinets business into an independent publicly traded company via a tax-free distribution.
Mergers, acquisitions and divestitures
Since its separation from Fortune Brands, Inc. in October 2011 and subsequent listing on the NYSE, Fortune Brands Home & Security has pursued a series of targeted acquisitions and divestitures to enhance its competitive standing:
- June 2013: Expanded its vanity product line by acquiring WoodCrafters.
- July 2014: Strengthened security offerings through the acquisition of SentrySafe.
- September 2014: Divested Simonton Windows to concentrate on core business areas.
- May 2015: Increased cabinetry market presence by purchasing Norcraft Companies for $600 million.
- September 2015: Streamlined operations by selling the Waterloo tool storage division.
- May 2016: Enhanced its luxury brand portfolio within the Global Plumbing Group by acquiring Riobel.
- September 2016: Added Rohl and Perrin & Rowe to its plumbing product range.
- July 2017: Broadened luxury plumbing fixture offerings through the acquisition of Shaws of England.
- October 2017: Further developed premium bath product lines by acquiring Victoria + Albert.
- August 2018: Entered the outdoor living sector with the purchase of Fiberon.
- December 2020: Strengthened door and window product categories via acquisition of Larson.
- January 2022: Expanded architectural glass solutions by acquiring Solar Innovations.
- July 2022: Integrated Aqualisa Products Limited into its plumbing segment.
- December 2022: Executed the spin-off of MasterBrand, Inc., resulting in two specialized publicly traded entities.
- July 2023: Grew security product footprint by acquiring Yale’s home lock business in the US and Canada from Assa Abloy.
These strategic initiatives illustrate Fortune Brands’ commitment to refining its portfolio, accelerating market expansion, and securing a competitive edge within the home and security sectors.
Financial performance
Fortune Brands emphasizes reinforcing its leading brands, fostering innovation to stimulate growth, optimizing global supply chains for improved quality and cost-effectiveness, and maximizing shareholder returns through carefully planned mergers and acquisitions, stock buybacks, and dividend distributions.
By the close of 2021, the company had achieved consistent annual sales growth every year since becoming an independent public entity.
Leadership
Nicholas I. Fink has held the position of CEO at Fortune Brands since January 6, 2020, also serving on the board. Prior to his current role, he was COO and president of what is now known as Water Innovations within the Fortune Brands Global Plumbing Group. Fink took over from Christopher J. Klein, who served as CEO from 2011 until retiring at the end of 2019.
Patrick D. Hallinan assumed the role of CFO on July 1, 2017, following E. Lee Wyatt’s tenure as CFO from 2011 until his retirement that same year.
Board of directors
Susan Saltzbart Kilsby serves as the independent, non-executive chairperson of Fortune Brands' Board of Directors. She joined the board in July 2015 and was appointed chair on January 1, 2020, succeeding Christopher J. Klein. Kilsby brings significant expertise from her senior leadership roles at Credit Suisse AG, including managing director and head of mergers and acquisitions for EMEA until her retirement in 2014.
Previous chairs include Klein (2020) and David M. Thomas (2011–2019). Except for CEO Fink, all members on the board meet New York Stock Exchange criteria for independence.
Awards
Fortune Brands Home & Security, Inc. has consistently earned a place on the Fortune List of World's Most Admired Companies within the Home Equipment and Furnishings sector for numerous years, spanning from 2012 to 2022. This repeated acknowledgment highlights the company's robust market presence and effective strategic direction.
In 2020, Fortune Brands was also recognized by Crain's Chicago Business as one of Chicago's Most Innovative Companies, emphasizing its dedication to innovation and business expansion.
Moreover, Fortune Brands was featured on Newsweek’s List of America's Most Responsible Companies in 2020, 2021, and 2022, demonstrating its commitment to corporate responsibility and sustainable operational practices.