Fortune Brands Innovations has executed a definitive agreement to sell its Fiberon composite decking business to a subsidiary of Inteplast Group Corporation for $160 million in cash. The transaction is part of the company's strategic portfolio review and is expected to close within 60 days, subject to regulatory approval. Fortune Brands also expects an additional non-cash impairment charge of approximately $175 million to $205 million related to the Fiberon asset group. Jefferies LLC serves as financial advisor and Sidley Austin LLP as legal counsel. Fortune Brands Innovations is an industry-leading home, security and digital products company.
