DEERFIELD, Ill., Oct 16 — Fortune Brands Innovations, Inc. (NYSE: FBIN) (“Fortune Brands” or the “Company”), an industry-leading home, security and digital products company, today announced it has executed a definitive agreement to sell its Fiberon composite decking business to a subsidiary of Inteplast Group Corporation.
The potential transaction is the result of a comprehensive sales process Fortune Brands initiated in connection with the strategic review of its Fiberon decking business. The decision to sell Fiberon underscores 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 closing of the transaction is subject to regulatory approval and is expected to occur within 60 days.
Jefferies LLC is serving as Fortune Brands’ exclusive financial advisor, and Sidley Austin LLP is serving as the Company’s legal advisor.
