Fiberon Announces Strategic Partnership with Wolf Home Products, Expanding US Distribution of Capped Composite Products

November 12th, 2018

NEW LONDON, NC – Fiberon®, an innovation leader in capped composite decking, railing, cladding, and fencing, announces an exciting partnership with Wolf Home Products. Based in York, Pennsylvania, Wolf Home Products is a national provider of privately sourced and select branded kitchen, bath, and building products. The company maintains multiple distribution centers, has 3500 dealers throughout the United States and Canada, and boasts a 99.5% accuracy rate for service. Wolf Home Products will distribute Fiberon capped composite decking, railing, and cladding throughout the Northeast, mid-Atlantic, and North and South Carolina.

“Wolf Home Products has a remarkable 175-year history in building products and a renowned customer-centric focus on distribution, sales support, and service,” says Christopher Hayn, Fiberon Vice President of Sales. “We foresee tremendous opportunities for both companies within the fastest-growing segment of the wood-alternative decking and railing market.”

“Wolf Home Products is very excited to partner with Fiberon to provide our independent dealers and their contractor and homeowner customers with industry-leading products, programs, and support,” says Craig Danielson, President and CEO of Wolf Home Products.

“Fiberon’s innovative and entrepreneurial spirit combined with Wolf’s commitment to end-to-end execution and support will produce an exciting partnership in 2019 and for years to come,” notes Danielson.

Founded in 1843, Wolf Home Products offers independent dealers a dynamic product mix focused on quality, reliability, and value, all backed by an iron-clad commitment to courteous, consistent service. A standard-bearer for exceptional aesthetics, durability, and eco-friendliness, Fiberon products give homeowners the warmth and beauty of natural wood without all the work. In addition, the North Carolina-based company developed the first multi-chromatic embossed boards, the first stain and fade warranty, and an exclusive five-year labor warranty for contractors.

About Fiberon
Founded in 1997, Fiberon is a leading U.S. manufacturer of wood-alternative decking, railing, cladding, and fencing distributed worldwide. Fiberon products are available in a wide range of styles and price points, all providing the warmth and beauty of natural wood without the costly, time-consuming maintenance. Fiberon products are free of toxic chemicals and contain up to 94% recycled content. Recognized as an “Eco-leader” by Green Builder magazine, Fiberon maintains operations in North Carolina and Idaho. For more information, visit fiberondecking.com and follow Fiberon on FacebookInstagramPinterestTwitter, and YouTube.

Fiberon is part of Fortune Brands Home & Security, Inc. (NYSE: FBHS), which creates products and services that help fulfill homeowners’ dreams and make people feel more secure. The Company’s trusted brands include Therma-Tru® Doors, Fiberon®, Master Lock® and Sentry® Safe under the Doors & Security segment; Moen®, Riobel®, ROHL®, Perrin and Rowe®, Shaws® and Victoria + Albert® under the Global Plumbing Group (GPG); and MasterBrand Cabinets®. Fortune Brands holds market leadership positions in all of its segments. Fortune Brands is part of the S&P 500 Index. For more information, please visit www.fbhs.com.

About Wolf Home Products
Wolf Home Products is a global sourcing company built on more than 175 years of experience. They are one of the largest suppliers of Kitchen and Bath cabinetry in the nation, as well as a leading supplier of Outdoor Living and Building Products. Vast inventories and smart logistical solutions combine to provide unmatched product availability and delivery speed. Wolf Home Products conforms to ISO International Standards, instilling customer confidence and guaranteeing a culture of continuous improvement.

Fortune Brands Completes Acquisition of Fiberon as Part of Doors & Security Segment

DEERFIELD, Ill.–(BUSINESS WIRE)–Fortune Brands Home & Security, Inc. (NYSE: FBHS), an industry-leading home and security products company, today announced it completed the acquisition of Fiberon, LLC, a leading manufacturer of outdoor performance materials used in decking, railing and fencing products. Fortune Brands announced an agreement to acquire Fiberon on August 23, 2018. Fiberon is now part of Fortune Brands’ Doors & Security segment.

The Company completed the acquisition for a purchase price of approximately $470 million, which was funded with cash on hand and borrowings under its revolving credit and term loan facilities. In 2017, Fiberon had approximately $200 million in annual sales. Fiberon has approximately 475 associates with offices and operations in Meridian, Idaho and New London, North Carolina. Fortune Brands expects to maintain Fiberon’s current operations and locations.

About Fortune Brands

Fortune Brands Home & Security, Inc. (NYSE: FBHS), headquartered in Deerfield, Ill., creates products and services that fulfill the dreams of homeowners and help people feel more secure. The Company’s operating segments are Plumbing, Cabinets and Doors & Security. Its trusted brands include Moen, Perrin & Rowe, Riobel, Rohl, Shaws and Victoria + Albert under the Global Plumbing Group (GPG); more than a dozen core brands under MasterBrand Cabinets; Therma-Tru entry door systems, Fiberon outdoor performance materials, and Master Lock and SentrySafe security products. Fortune Brands holds market leadership positions in all of its segments. Fortune Brands is part of the S&P 500 Index. For more information, please visit www.FBHS.com.

Contacts

INVESTOR and MEDIA CONTACT:
Fortune Brands Home & Security, Inc.
Kaveh Bakhtiari
847-484-4573
kaveh.bakhtiari@FBHS.com

Fortune Brands Signs Agreement to Acquire Fiberon; Marks Entry into Fast Growing Outdoor Living Market within New Doors & Security Segment

DEERFIELD, Ill.–(BUSINESS WIRE)–Fortune Brands Home & Security, Inc. (NYSE: FBHS), an industry-leading home and security products company, today announced it has signed an agreement to acquire Fiberon, LLC, a leading manufacturer of outdoor performance materials used primarily in decking, railing and fencing products. Fiberon will join Fortune Brands’ new Doors & Security segment on closing and has agreed to be acquired for approximately $470 million.

“The acquisition of Fiberon provides exciting category expansion and product extension opportunities for our Doors & Security segment into the outdoor living space— one of the fastest growing areas of the home,” said Chris Klein, chief executive officer, Fortune Brands. “Fiberon brings leadership in performance materials sustainably made in the U.S.A. from recycled materials. Similar to Therma-Tru’s leadership in advanced material doors, Fiberon has built its business in the most attractive segment of the decking category– non-wood, capped composites.”

The $2.5 billion decking market is a critical part of outdoor living spaces with growing conversion to non-wood materials. Capped composite non-wood products where Fiberon has focused its business are growing at nearly 10% annually and now represent approximately one quarter of the decking market. This exceptional growth is driven by demand for innovations in finishes, textures, colors and styles coupled with low maintenance and lasting durability versus traditional wood.

“Our Doors & Security platform has the scale and capabilities to further Fiberon’s penetration of the market across our existing customers and distribution channels in this growing market segment,” said Klein. “Our execution and momentum within our Therma-Tru door brand coupled with Fiberon’s successful business model and product line create an exciting opportunity to accelerate growth and value creation. The acquisition is expected to be accretive to earnings by approximately 5-6 cents in 2019 and approximately 9-10 cents in 2020.”

“Fortune Brands’ strong distribution, commitment to brands, innovation and design, and superior execution are a powerful combination to drive sales and profit growth,” said Doug Mancosh, chief executive officer and president, Fiberon. “We are excited to join Fortune Brands and create new opportunities for Fiberon to thrive.”

In 2017, Fiberon had approximately $200 million in annual sales. Fiberon has approximately 475 associates with offices and operations in Meridian, Idaho and New London, North Carolina. The Company plans for Fiberon to operate as a part of the Doors & Security segment.

The closing of the transaction is subject to regulatory approval and is expected to occur within the next 30 days.

About Fortune Brands

Fortune Brands Home & Security, Inc. (NYSE: FBHS), headquartered in Deerfield, Ill., creates products and services that fulfill the dreams of homeowners and help people feel more secure. The Company’s operating segments are Plumbing, Cabinets and Doors & Security. Its trusted brands include Moen, Perrin & Rowe, Riobel, Rohl, Shaws and Victoria + Albert under the Global Plumbing Group (GPG); more than a dozen core brands under MasterBrand Cabinets; Therma-Tru entry door systems; and Master Lock and SentrySafe security products under The Master Lock Company. Fortune Brands holds market leadership positions in all of its segments. Fortune Brands is part of the S&P 500 Index. For more information, please visit www.FBHS.com.

Cautionary Statement Concerning Forward-Looking Statements

This release contains certain “forward-looking statements” regarding future financial performance and the effects of the Fiberon acquisition. 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 including the factors discussed in Item 1A of the Fortune Brands Home & Security, Inc. Annual Report on Form 10-K for the year ended December 31, 2017, filed with the Securities and Exchange Commission. In addition, this release contains forward-looking statements that involve risks and uncertainties associated with the acquisition. These include: the satisfaction of closing conditions for the transaction, market conditions and the impact of any failure to complete the transaction. 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 hereof.

Contacts

Fortune Brands Home & Security, Inc.
INVESTOR and MEDIA CONTACT:
Kaveh Bakhtiari
847-484-4573
kaveh.bakhtiari@FBHS.com