Fortune Brands Reports New Share Buyback Program, Highlights Desire To 'Drive Incremental Value As The Housing Market Continues To Recover'

Fortune Brands Home & Security Inc (NYSE: FBHS) announced after Monday's market close that its Board of Directors authorized a new share repurchase program.

Fortune Brands' board has authorized the purchase of up to $400 million worth of its company's stock over the next two years. The company noted that it had already acquired approximately $1.9 billion worth of its stock from 2012 through 2015.

Fortune Brands remains committed towards buying back an additional $2.0 to $2.5 billion to "drive incremental value as the housing market continues to recover to mid-cycle levels over the next 3 years."

Shares of Fortune Brands showed no trades early Tuesday morning.