Fortune Brands Call with Investor Relations

FBHS

May 11, 2022

Spin-off Presentation

Do you believe the Cabinet business is holding back your valuation?

That’s part of the reason we are doing the spin. For years, we’ve had conversations with investors about the sum-of-the-parts story. So that is part of it. But there is also an operational turn around. 3 years ago, brought in Dave Banyard and he has turned around the business. Historical performance had not been good, but it is doing very well now, much better than its peers. Previously were focused too much on higher end cabinets, but came down into more value based cabinets.