Shares of Fortune Brands Home & Security Inc (NYSE:FBHS) ended Thursday session in red amid volatile trading. The shares closed up -0.59 points or -0.94% at $61.93 with 153.90 million shares getting traded. Post opening the session at $62.26the shares hit an intraday low of $61.75 and an intraday high of $32.68 and the price vacillated in this range throughout the day. The company has a market cap of $9.46 billion and the numbers of outstanding shares have been calculated to be 153.90 million shares.
Fortune Brands Home & Security Inc (FBHS) on August 19, 2016 announced the creation of a new Global Plumbing Group (GPG), a strategic first step to accelerate growth opportunities and transform its plumbing business. Fortune Brands has completed its first acquisition under the GPG, Riobel, and has also signed an agreement to acquire ROHL and its brands.
“The creation of the GPG platform provides the foundation to accelerate growth in our plumbing segment, providing the critical infrastructure to support a multi-brand, -channel and -geography plumbing business,” said Chris Klein, chief executive officer, Fortune Brands. “Most importantly, the GPG platform enhances the potential for future growth opportunities as we look to grow plumbing sales to $2.5 billion by 2020.”
The GPG platform will support the growth of multiple plumbing brands simultaneously with an enhanced set of products and brands while leveraging the Company’s global supply chain and broad distribution network. It paves the way for the addition of acquisitions, joint ventures, supply agreements and distribution agreements, and allows for seamless integration of new products and brands. It also accelerates synergistic growth opportunities and initiatives across the Company’s plumbing business.
Nicholas Fink has been named as president of the GPG. He joined Fortune Brands in 2015 from Beam Suntory where he was the president of Asia Pacific and South America, leading eight operating units in 45 markets while growing market share and integrating businesses. He brings an established track record as a results-oriented leader with strengths in international markets, industry-leading consumer brands and successful M&A transactions. Fink has been leading Fortune Brands’ Global Growth & Development team since joining the Company.
Shares of Flowers Foods, Inc. (NYSE:FLO) ended Thursday session in green amid volatile trading. The shares closed up +0.04 points or 0.27% at $15.06 with 206.87 million shares getting traded. Post opening the session at $14.96 the shares hit an intraday low of $14.91 and an intraday high of $15.25 and the price vacillated in this range throughout the day. The company has a market cap of $3.14billion and the numbers of outstanding shares have been calculated to be 206.87 million shares.
Flowers Foods, Inc. (FLO) produces and markets bakery products in the United States. It operates through two segments, Direct-Store-Delivery (DSD) and Warehouse Delivery. The DSD segment produces and markets fresh bakery foods, including fresh breads, buns, rolls, tortillas, and snack cakes. This segment offers its products under the Natures Own, Wonder, Whitewheat, Cobblestone Bread Company, Tastykake, Home Pride, Merita, Dave’s Killer Bread, Country Kitchen, and Roman Meal brand names, as well as markets franchised and licensed brands, such as Sunbeam, Bunny, and Holsum.