Therma-Tru bought by Fortune Brands

The home and hardware unit of Fortune Brands Inc. signed a definitive agreement to purchase Therma-Tru Corp., a manufacturer of fiberglass residential entry doors, for about USD 925 million and expect…

The home and hardware unit of Fortune Brands Inc. signed a definitive agreement to purchase Therma-Tru Corp., a manufacturer of fiberglass residential entry doors, for about USD 925 million and expects Therma-Tru to add about USD 0.15 a share to earnings in the first year. In a press release 3 November 2003, Fortune Brands said it plans to fund the acquisition with a combination of short- and long-term debt. The transaction was expected to close within two weeks upon regulatory and shareholder approval. The company plans to incorporate Therma-Tru, which has annual sales of more than USD 400 million, into its home & hardware unit. Therma-Tru, based in Maumee, Ohio, uses proprietary technology to create fiberglass entry doors that resemble wood. Fortune Brands reported 3Q sales of USD 1.58 billion.