Fortune Brands Home & Security Inc. acquired Solar Innovations LLC. Solar Innovations will be part of Fortune Brands’ Outdoors & Security business segment, which also includes the Therma-Tru and Larson brands, among others. Its complementary product offerings will support the segment’s outdoor living strategy and help Fortune Brands further capitalize on the outdoor living space and outdoor living trends, according to a news release.
“The acquisition of Solar Innovations is aligned with our long-term strategic focus on the fast-growing outdoor living space. With Solar Innovations’ technical expertise and R&D strength, we can accelerate our innovation and premium door offerings to help drive above-market share gains,” says Nicholas Fink, CEO, Fortune Brands. “With the backing of Fortune Brands and our Fortune Brands Advantage capabilities, we can add value for all of our stakeholders.”
Solar Innovations has approximately 30 registered patents, and is recognized for its retractable door offerings, material capabilities and design aesthetics. Solar Innovations is based in Pine Grove, Pennsylvania, with approximately 135 associates. The company expects that the Solar Innovations management team, associates and facilities will remain in place.
“Homeowners are more fully using their outdoor areas to expand their living space and add to their day-to-day comfort. We believe the attention on outdoor living will continue well into the future and are excited to have this new addition in our portfolio to help us capitalize on outdoor living opportunities,” says Fink.
The company completed the acquisition on Jan. 31, 2022, for a price, net of tax benefits, of up to $63 million.
