Fortune Brands Home & Security, a home and security products company based in Illinois, announced plans to combine its Doors and Security businesses in a news release today. The new segment will result in a new unit with approximately $1.2 billion in annual sales, according to the release.
The merger will combine Fortune Brands’ Master Lock and Therma-Tru. Milwakuee-based Master Lock develops padlocks, combination locks, and security products and has been a subsidiary of Fortune Brands since 1970. Therma-Tru, based in Maumee, Ohio, specializes in entry and patio doors and has been a subsidiary of Fortune Brands since 2003.
According to Fortune Brands, the combined business can enhance performance scale, improve the speed of business initiatives, and accelerate product development. Both Master Lock and Therma-Tru are pursuing next generation connected locking and security applications, which Fortune Brands hope is scaled more effectively across a larger business unit.
The new unit will be headed by Brett Finley, who previously served as the President of Therma-Tru Doors. Finely will report directly to Fortune Brand CEO Chris Klein.
“Brett has focused the Doors business on the most attractive parts of the market and simplified the business, allowing for an acceleration of innovation. This has resulted in a more efficient organization, impressive growth and strong returns. Brett plans to bring this approach to the Security business, and I am confident in his team’s ability to grow and create value for shareholders through the new structure,” Klein said in the news release.
