Fortune Brands Innovations, Inc. · NYSE:FBIN
Fortune Brands Innovations — Investor Day (December 2022)
76 slides from Fortune Brands Innovations's investor day presentation, Dec 6, 2022
Slide 1: A Supercharged Growth Opportunity
A SUPERCHARGED GROWTH OPPORTUNITY I N V E STO R DAY 2 0 2 2 December 6, 2022 All references to operating income, operating margin, EBITDA, EBITDA margin and net debt / EBITDA are on a before charges/gains basis.
Slide 2: Forward Looking Statements
FORWARD LOOKING STATEMENTS This presentation contains certain “forward-looking statements” made within the meaning of the Private Securities Litigation Reform Act of 1995. Forward looking statements include all statements that are not historical statements of fact and those regarding our intent, bel
Slide 3: Agenda
A Supercharged Growth Opportunity Nicholas Fink, Chief Executive Officer Industry Overview & Growth Accelerants John Lee, Chief Strategy & Growth Officer; Interim Chief Digital Officer Leading Brands, Innovation & Channel Cheri Phyfer, Group President AGENDA Our Digital Transformation John Lee, Chie
Slide 4: Fortune Brands Innovations Play Video
FORTUNE BRANDS INNOVATIONS PLAY VIDEO 4 I N V E S T O R D A Y 2 0 2 2
Slide 5: A Supercharged Growth Opportunity
A SUPERCHARGED GROWTH OPPORTUNITY Nicholas Fink Chief Executive Officer I N V E S T O R D A Y 2 0 2 2
Slide 6: Introducing Fortune Brands Innovations
INTRODUCING FORTUNE BRANDS INNOVATIONS A Brand, Innovation and Channel Leader Focused on Supercharged Growth Opportunities within the Home, Security and Commercial Building Markets Leading Positions in Aligned Organization and Track Record of Through-the- Attractive Growth Markets Fortune Brands Adv
Slide 7: Fortune Brands Innovations: Differentiated Growth
FORTUNE BRANDS INNOVATIONS: DIFFERENTIATED GROWTH Net Sales Water Outdoors Security $4.7B 55% of 2022E Net Sales 32% of 2022E Net Sales 13% of 2022E Net Sales $3.4B 2019 2022E Operating Income & Margin (1) $0.8B $0.5B +9% CAGR +25% CAGR +3% CAGR Net Sales Net Sales Net Sales 15.8% 17.1% 2019 - 2022E
Slide 8: Evolution of Fortune Brands Innovations
EVOLUTION OF FORTUNE BRANDS INNOVATIONS THE START OF A NEW ERA Winning Brands in Super- Category Outperformance and Expansion Through the Housing Market Recovery Execution Excellence through Global Disruptions Charged Categories 2011 2014 2016 2017 2018 2019 2020 2022E Spin from original Master Lock
Slide 9: Supercharged Categories
SUPERCHARGED CATEGORIES 9 I N V E S T O R D A Y 2 0 2 2
Slide 10: We Operate in Three High-Growth Categories
WE OPERATE IN THREE HIGH-GROWTH CATEGORIES… WATER OUTDOORS SECURITY 10 I N V E S T O R D A Y 2 0 2 2
Slide 11: Powered by Secular Tailwinds
…POWERED BY SECULAR TAILWINDS… Connected Outdoor Living Sustainability Products Water Material Safety and Management Conversion Wellness 11 I N V E S T O R D A Y 2 0 2 2
Slide 12: Underpinned by Leading Brands
...UNDERPINNED BY LEADING BRANDS #1 #1 #1 #1 #3 #1 #1 consumer luxury K&B fiberglass entry storm doors composite mechanical fire faucets fixtures among doors among decking padlocks safes designers builders Claims based on North American data 12 I N V E S T O R D A Y 2 0 2 2
Slide 13: Aligned Business Model
ALIGNED BUSINESS MODEL 13 I N V E S T O R D A Y 2 0 2 2
Slide 14: Fortune Brands Advantage
FORTUNE BRANDS ADVANTAGE OUR POWERFUL BUSINESS SYSTEM Category Business Global Supply Chain Digital Transformation Management Simplification Excellence 14 I N V E S T O R D A Y 2 0 2 2
Slide 15: Streamlined Operating Structure Supporting Our Unified Approach
ALIGNED ORGANIZATION STREAMLINED OPERATING STRUCTURE SUPPORTING OUR UNIFIED APPROACH CEO Brands, Innovation, Strategy & Growth Finance Digital HR Supply Chain Legal Channel House Moen NA WINN Asia Outdoors Security Manufacturing Sourcing of Rohl Global Supply Chain Brand Development & Direct Commerc
Slide 16: Winning Talent & Culture
WINNING TALENT & CULTURE 16 I N V E S T O R D A Y 2 0 2 2
Slide 17: Diverse and Talented Team to Guide Fortune Brands Innovations
DIVERSE AND TALENTED TEAM TO GUIDE FORTUNE BRANDS Nicholas Fink Chief Executive Officer INNOVATIONS Hiranda Donoghue Sheri Grissom Patrick Hallinan General Counsel & Secretary Chief Human Resources Officer Chief Financial Officer John Lee Cheri Phyfer Ron Wilson Chief Strategy & Growth Officer Group
Slide 18: I N V E S T O
18 I N V E S T O R D A Y 2 0 2 2
Slide 19: Doing the Right Thing Is Embedded in Our Culture
DOING THE RIGHT THING IS EMBEDDED IN OUR CULTURE • 12,000+ associates globally • Prioritizing safety for our people • Focused on water, renewal and climate, and for our customers across the enterprise and in our products • Commitment to diversity across the organization • Strong safety record, with
Slide 20: ESG Tailwinds
ESG TAILWINDS WE LEVERAGE OUR LEADING POSITIONS, ADVANTAGED BUSINESS MODEL AND TALENTED TEAM TO DELIVER INSPIRING PRODUCTS THAT… save water I utilize recycled materials I conserve energy I protect people 20 I N V E S T O R D A Y 2 0 2 2
Slide 21: Winning Formula for Supercharged Growth and Margin
WINNING FORMULA FOR SUPERCHARGED GROWTH AND MARGIN 21 I N V E S T O R D A Y 2 0 2 2
Slide 22: Winning Formula for Supercharged Growth and Margin
Brand Innovation WINNING FORMULA FOR SUPERCHARGED GROWTH AND MARGIN Channel Supply Chain Digital M&A Talent & Culture
Slide 23: Brand Building Is at the Core of Our DNA
BRAND BUILDING Brand IS AT THE CORE OF OUR DNA • Leading brands across each of our businesses • Trusted, iconic names inspiring loyalty and confidence • Aligned branding strategies supported by strength in innovation and channel management Our powerful brands are differentiators that enhance our com
Slide 24: Our Culture of Innovation Drives Growth, Productivity and Brand Health
OUR CULTURE OF INNOVATION DRIVES GROWTH, Innovation PRODUCTIVITY AND BRAND HEALTH Innovative Solutions Innovative Operations 24 I N V E S T O R D A Y 2 0 2 2
Slide 25: Differentiated Omni-Channel Approach
DIFFERENTIATED Channel OMNI-CHANNEL APPROACH Wholesale dealers Leading home centers Showrooms eCommerce National builders Distributors Delivering unique brand insights and innovation 25 I N V E S T O R D A Y 2 0 2 2
Slide 26: Efficient & Resilient Global Supply Chain
EFFICIENT & Supply Chain RESILIENT GLOBAL SUPPLY CHAIN Strategic sourcing Automation, machine learning & AI Global scale Data-driven insights & processes Maintaining market leading service levels while delivering fuel for growth 26 I N V E S T O R D A Y 2 0 2 2
Slide 27: Accelerating Digital Transformation
ACCELERATING DIGITAL Digital TRANSFORMATION Optimized Agile Integrating our digital & Technology Ways of technology organization Stack Working Accelerating innovation and speed to market Driving sustainable productivity and efficiency Enhancing employee development, satisfaction and retention Scalab
Slide 28: Disciplined Acquisition Strategy Augmenting Accelerated Growth
DISCIPLINED ACQUISITION STRATEGY M&A AUGMENTING ACCELERATED GROWTH Proven track record of value- Go Forward Priorities creating acquisitions in high- growth categories Profitable & Supercharged Innovative Brands • 11 major acquisitions since 2011 End-Markets • >$2 billion deployed into M&A since 201
Slide 29: Announced Strategic Transaction
ANNOUNCED STRATEGIC TRANSACTION – ALIGNED WITH FOCUS ON SUPERCHARGED CATEGORIES Signed conditional agreement to acquire two businesses from ASSA ABLOY • Emtek and Schaub, premium and luxury RESIDENTIAL SMART LOCKS PREMIUM HARDWARE door and hardware business • Residential smart home access • Designs,
Slide 30: Attractive Margin Businesses with Clear Potential for Synergies
ATTRACTIVE MARGIN BUSINESSES WITH CLEAR POTENTIAL FOR SYNERGIES ACROSS THE PORTFOLIO RESIDENTIAL SMART LOCKS PREMIUM HARDWARE • Expand retail/omnichannel and • Drive showroom productivity and wholesale door lock business velocity (e.g. finish matching, cross-selling) • Broaden residential connected
Slide 31: Where We're Going
WHERE WE’RE GOING 2022E Organic Targets Net Sales Leading Positions in Attractive Net Sales CAGR $4.7B Growth Markets with Secular Tailwinds 6% - 9% G LO BAL H O USI NG M ARKET 4% - 6% Operating Margin (1) Aligned Organization and Operating Margin (1) ~17% 20% - 22% Fortune Brands Advantage Driving
Slide 32: Industry Overview & Growth Accelerants
INDUSTRY OVERVIEW & GROWTH ACCELERANTS John Lee Chief Strategy & Growth Officer Interim Chief Digital Officer I N V E S T O R D A Y 2 0 2 2
Slide 33: Underlying Fundamentals Support Long-Term R&R Growth
U.S. Remodeling Spend Has UNDERLYING Grown at a 5% CAGR Since 1996 (3) FUNDAMENTALS SUPPORT LONG- $450 TERM R&R GROWTH $400 $350 R&R FOCUSED $300 ~67% of FBIN’s North America mix is R&R $250 $200 RECORD HIGH HOME EQUITY $300,000 $150 average equity per homeowner (1) $100 AGING HOUSING STOCK $50 ~40
Slide 34: Long-Term New Construction Outlook Remains Favorable
LONG-TERM NEW CONSTRUCTION OUTLOOK REMAINS FAVORABLE HOUSEHOLD FORMATION 12 million households formed 2018-2028 (1) HOUSING UNDERBUILD 3 million units underbuilt since 2002 (2) PENT-UP DEMAND 3 million More young adults living home vs. pre-2008 (3) (1) Harvard Joint Center for Housing Studies (2) FB
Slide 35: We Operate in Deep, Opportunity-Rich, Growing Categories
WE OPERATE IN DEEP, OPPORTUNITY-RICH, GROWING CATEGORIES H I G H - G R O W T H C AT E G O R I E S 4% - 6% MARKET CAGR Water Outdoors Security $20B $25B $30B N.A. Residential TAM N.A. Residential TAM N.A Residential TAM $15B $15B $45B N.A. Commercial TAM N.A. Commercial TAM N.A. Commercial TAM S U P
Slide 36: Water Tailwinds
WATER TAILWINDS CONNECTED PRODUCTS SAFETY & WELLNESS SUSTAINABILITY More water damage claims per year than fire and theft combined Smart Point-of-Use Damage Prevention Conservation Monitoring & Controls Water Quality Environmental Stewardship W AT E R M A N A G E M E N T 36 I N V E S T O R D A Y 2 0
Slide 37: Outdoors Tailwinds
OUTDOORS TAILWINDS OUTDOOR LIVING M AT E R I A L C O N V E R S I O N S U S TA I N A B I L I T Y Exterior Door 50% 50% Fiberglass Conversion Opportunity Market (other materials) Volume (2) Fiberglass vs. Wood Less maintenance Greater longevity Energy savings More sustainable Decking 25% 75% M
Slide 38: Security Tailwinds
SECURITY TAILWINDS CONNECTED PRODUCTS SAFETY & WELLNESS Consumer Concerns <10% consumer smart/ connected lock penetration today1 Commercial / EHS Needs Lockout/Tagout among top 10 Remote OSHA citations2 Real estate & unmanned Electrified door rental properties access access (1) Omdia Smart Device Pe
Slide 39: Leading Brands, Innovation, and Channel
LEADING BRANDS, INNOVATION, AND CHANNEL Cheri Phyfer Group President I N V E S T O R D A Y 2 0 2 2
Slide 40: Winning Formula for Supercharged Growth and Margin
Brand Innovation WINNING FORMULA FOR SUPERCHARGED GROWTH AND MARGIN Channel Supply chain Digital M&A Talent
Slide 41: #1 Brand Positions
#1 #1 #1 #1 #3 #1 #1 consumer luxury K&B fiberglass entry storm doors composite mechanical fire faucets fixtures among doors among decking padlocks safes designers builders Claims based on North American data 41 I N V E S T O R D A Y 2 0 2 2
Slide 42: The Power of Brands Play Video
THE POWER OF BRANDS PLAY VIDEO 42 I N V E S T O R D A Y 2 0 2 2
Slide 43: Case Study: Consolidating Brand Strength with House of Rohl
CASE STUDY: CONSOLIDATING BRAND STRENGTH WITH HOUSE OF ROHL 5 Acquired Luxury Plumbing Brands Across Product Categories 3 Separate Routes to Market 1 1 17% Umbrella Route to Net Sales CAGR Brand Market (2019-2022E) Delivering Curated, Luxury Kitchen & Bath Products that Resonate with Designers and C
Slide 44: Winning the Consumer Shopping Journey from Search to Delivery
WINNING THE CONSUMER SHOPPING JOURNEY FROM SEARCH TO DELIVERY Brands matter in our categories Our innovative brands lead % of Consumer % of Consumer Fortune Category Search that Starts with Search that Starts with Brands Rank Retailer Brand Manufacturer Brand Decking 0% 48% #3 Consumers search for o
Slide 45: New Ideas Fuel the Innovation Roadmap
NEW IDEAS FUEL THE INNOVATION ROADMAP SOURCES OF NEW IDEAS 04 NEW PRODUCTS NEW PRODUCT VITALITY TARGET Place the best Customers and end-users performing products PROTOTYPES Internal crowdsourcing Generate ideas for improving 03 onto the roadmap 25%-30% Supplier innovation program experiences o
Slide 46: Redefining Expectations in Our Categories
REDEFINING EXPECTATIONS IN OUR CATEGORIES WATER OUTDOORS SECURITY Therma-Tru® PrismaGuard® Master Lock® Bluetooth® Spot Resist™ Finish Premium Finish Lock Boxes Moen® Smart Water Ecosystem Solar Innovations® Bifold Doors eLockout/Tagout Moen® Reflex® Faucets Fiberon® Sanctuary Master Lock Vault App
Slide 47: Improving Water Experiences with the Moen Smart Water Ecosystem
IMPROVING WATER EXPERIENCES WITH Smart Smart THE MOEN SMART Shower Faucet WATER ECOSYSTEM • Collection of smart products in a single, integrated app Smart Smart Water Irrigation Shutoff • Leak Detect senses the presence of water and sends an alert • Burst Protect automatically shuts off water supply
Slide 48: Moen Smart Water Ecosystem Play Video
MOEN SMART WATER ECOSYSTEM PLAY VIDEO 48 I N V E S T O R D A Y 2 0 2 2
Slide 49: Case Study: Driving Secondary Door Attachment with Impressions Storm Door
CASE STUDY: DRIVING SECONDARY DOOR ATTACHMENT WITH IMPRESSIONS STORM DOOR Purposeful design. Explore first-to-market advanced technology in an integrated storm and entry door solution from Therma-Tru, in partnership with LARSON. The Impressions integrated storm and entry door system is designed to o
Slide 50: Case Study: Providing a Customizable Connected Lock Solution at Scale
CASE STUDY: PROVIDING A CUSTOMIZABLE CONNECTED LOCK SOLUTION AT SCALE Provided 9,000 realtors in the Metropolitan Indianapolis Board of Realtors® (MIBOR) with: Connected lockboxes and door hardware Property showing app integration, Digital key management Business services (training, onboarding, tech
Slide 51: Diverse Geography and Channel Mix, with Focus on U.S. R&R
DIVERSE GEOGRAPHY AND CHANNEL MIX, WITH FOCUS ON U.S. R&R SALES BY COUNTRY NORTH AMERICA HOME PRODUCTS BY CHANNEL 2% 2% 10% 8% 11% 23% 67% 77% United States China R&R Canada EU/UK Single Family New Construction ROW Multi Family New Construction Data based on 2021 actuals 51 I N V E S T O R D A Y 2 0
Slide 52: Winning Channel Management Underpinned by Strong Customer Loyalty
WINNING CHANNEL MANAGEMENT UNDERPINNED BY STRONG CUSTOMER LOYALTY ACROSS CATEGORIES WATER OUTDOORS SECURITY Business Mix by Channel Business Mix by Channel Business Mix by Channel KEY U.S. Home Centers 10% 52% 14% 22% 4% Wholesale 37% 21% E-Commerce 32% 25% Other Retail 36% 6% 17% 18% International
Slide 53: Building Leading Category Management Capabilities to Win at the Point of Sale
BUILDING LEADING CATEGORY MANAGEMENT CAPABILITIES TO WIN AT THE POINT OF SALE White Space Analysis Shelf Optimization Features & Benefits Assessment Sensitive Information Blurred Sensitive Information Blurred Sensitive Information Blurred • Recognize key unmet needs • Identify gaps and redundancies
Slide 54: Case Study: Doubled Fiberon Wholesale Channel Following 2018 Acquisition
CASE STUDY: DOUBLED FIBERON WHOLESALE CHANNEL FOLLOWING 2018 ACQUISITION Wholesale net $189M sales have more ~$265M 39% 56% 44% 61% Net Sales Net Sales than doubled 2022E 2018 Leveraged relationship with since acquisition longstanding Therma-Tru partners to expand distribution of Fiberon products Re
Slide 55: Case Study: Driving Brand, Innovation, and Channel Evolution at Therma-Tru
CASE STUDY: DRIVING BRAND, INNOVATION, AND CHANNEL EVOLUTION AT THERMA-TRU BRAND The most preferred brand for entry doors by building professionals for 20+ consecutive years Most popular exterior entry door brand (1) INNOVATION Pioneered the first fiberglass door, driving material conversion w
Slide 56: Case Study: Gaining Share in Garbage Disposals
CASE STUDY: LEVERAGING BRAND, INNOVATION, AND CHANNEL TO GAIN SHARE IN GARBAGE DISPOSALS MOEN DISPOSAL PORTFOLIO #2 U.S. Garbage Disposal Market Share Designed for those Designed for those Designed for those Designed for those ~3X who love to get who frequently who slice, dice and who rarely cook fr
Slide 57: Our Next Phase of Growth
Growing our eCommerce business and opportunities Doubling down on the connected products space OUR NEXT PHASE Utilizing our data-informed insights to further OF GROWTH leverage our unique omni-channel position Strategically moving into adjacent, synergistic categories in the commercial space Continu
Slide 58: Our Digital Transformation
OUR DIGITAL TRANSFORMATION John Lee Chief Strategy & Growth Officer Interim Chief Digital Officer
Slide 59: Our Digital Transformation Has Already Begun
OUR DIGITAL TRANSFORMATION HAS ALREADY BEGUN WE’VE SET SOME BIG GOALS • In 5 years, we aspire to be the digital leader in our industry • Products of the future will be supported by best-in-class services, technology, data and analytics • Using data science to unlock valuable consumer and business in
Slide 60: Digital Factory
DIGITAL FACTORY DIGITAL FACTORY IN 2022: • Modern digital organization designed to improve • 10 digital teams launched speed to market and value delivery • 400 leaders and associates trained on Agile • Culture that fosters innovation, collaboration, • 92% pulse survey satisfaction and value creation
Slide 61: Break
BREAK I N V E STO R DAY 2 0 2 2
Slide 62: Fireside Chat: Supply Chain
FIRESIDE CHAT: SUPPLY CHAIN Nicholas Fink Chief Executive Officer Ron Wilson Chief Supply Chain Officer
Slide 63: Financial Overview
FINANCIAL OVERVIEW Patrick Hallinan Chief Financial Officer
Slide 64: Fortune Brands Innovations Is a Growth Company
FORTUNE BRANDS INNOVATIONS IS A GROWTH COMPANY Net Sales Net Sales Net Sales 10-year CAGR 5-year CAGR 3-year CAGR 2012-2022E 2017-2022E 2019-2022E Reported (i.e. including acquisitions) +10% +11% +12% Organic (i.e. excluding acquisitions) +7% +7% +7% ACQUISITIONS HAVE CONTRIBUTED +300 TO +500 BPS OF
Slide 65: Proven Track Record of Growing Profits Faster Than Sales
PROVEN TRACK RECORD OF GROWING PROFITS FASTER THAN SALES Net Sales Operating Income & Margin (1) EBITDA & Margin (1) $0.8B $0.9B $4.7B $0.6B $0.5B $3.4B 15.8% 17.1% 18.7% 20.0% 2019 2022E 2019 2022E 2019 2022E (1) Presented on a before charges & gains basis and includes corporate SG&A 65 I N V E S T
Slide 66: Path to Accelerated Growth and Sustained Value Creation
PATH TO ACCELERATED GROWTH AND SUSTAINED VALUE CREATION LARGE ADDRESSABLE, HIGH- OPERATING MODEL ADVANTAGE TARGETED PORTFOLIO GROWTH MARKETS • Shared brand, channel, and innovation • Enhanced strategic and management focus • Products increasingly aligned with capabilities amplified under unified str
Slide 67: Preparing to Successfully Navigate 2023
PREPARING TO SUCCESSFULLY NAVIGATE 2023 2022E 2023E Market Growth Fortune Brands • Expect market to be down mid-single digits Innovations • Taking proactive measures to drive market-beating sales growth 2% - 4% (2%) - 0% Global Home Net Sales Growth • Expect to deliver decremental operating margins
Slide 68: Driving Resilient, Accelerated Growth and Margin Progression Through the Cycle
DRIVING RESILIENT, ACCELERATED GROWTH AND MARGIN PROGRESSION THROUGH THE CYCLE O R G A N I C TA R G E T S Net Sales Operating Margin (1) EBITDA Margin (1) MARKET: COMPANY: COMPANY: 4% - 6% CAGR 20% - 22% 23% - 25% COMPANY: (+300 bps - +500 bps) (+300 bps - +500 bps) 6% - 9% CAGR (≥+200 bps vs. marke
Slide 69: Key Drivers of +300-500 bps of Margin Expansion
KEY DRIVERS OF +300-500 BPS OF MARGIN EXPANSION INCLUSIVE OF SG&A PRODUCTIVITY GAINS TOTALING $50 TO $75 MILLION NET OF REINVESTMENT ~1% 1% - 1.5% 1% - 1.5% 1% - 2% • Continuous SG&A • Site productivity consolidations improvement • Continuous • Acquisition • Benefits from COGS integrations aligned s
Slide 70: Long-Term Capital Allocation Priorities
LONG-TERM CAPITAL ALLOCATION PRIORITIES • Brand, Innovation, and Channel investments ORGANIC • Investments in digital factory and connected products GROWTH • High-returning CapEx investments • Acute focus on supercharged categories TARGETED • Create value via channel and supply chain synergies M&A •
Slide 71: Significant Capital Deployment Opportunity
SIGNIFICANT CAPITAL DEPLOYMENT Strategic Capital OPPORTUNITY Acquisitions Expenditures (3% - 4% of Sales) $4B to $6B available to deploy over the long-term • ~2/3 available for strategic acquisitions and share repurchases Strong generator of free cash flow Dividends Working and Share Capital Committ
Slide 72: Announced Acquisition Provides Attractive Opportunity
ANNOUNCED ACQUISITION PROVIDES ATTRACTIVE OPPORTUNITY CONSISTENT WITH DISCIPLINED APPROACH • Purchase price of $800M in cash (~$700M net of tax benefits) – Cash-free, debt-free acquisition • 7.8x 2022E Adjusted EBITDA, before synergies; after standalone costs – Blended EBITDA margin of ~22.5% • ~$40
Slide 73: Update on Separation into Two World-Class Companies
UPDATE ON SEPARATION INTO TWO WORLD-CLASS COMPANIES PROGRESS UPDATE MASTERBRAND CAPITAL STRUCTURE 11/21 FBHS Board approved separation Sources Uses 11/30 Form 10 effective Term Loan A $750M Dividend $940M to FBIN 12/2 Date of Record Revolver $500M Transaction Fees $10M 12/14 Date of Distribution Tot
Slide 74: Why Fortune Brands Innovations
WHY FORTUNE BRANDS INNOVATIONS A Brand, Innovation and Channel Leader Focused on Supercharged Growth Opportunities within the Home, Security and Commercial Building Markets Leading Positions in Aligned Organization and Track Record of Through-the- Attractive Growth Markets Fortune Brands Advantage C
Slide 75: Q&A
Q&A I N V E S T O R D A Y 2 0 2 2
Slide 76: Lunch Break
LUNCH BREAK I N V E STO R DAY 2 0 2 2
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