Mission Statement, Vision, & Core Values (2024) of Fortune Brands Home & Security, Inc. (FBHS)

An Overview of Fortune Brands Home & Security, Inc. (FBHS)

General Summary of Fortune Brands Home & Security, Inc.

Fortune Brands Home & Security, Inc. (FBHS) was established in 1988 and has since evolved into a prominent player in the home and security products industry. The company specializes in designing, manufacturing, and selling a diverse range of products including cabinets, plumbing, and security hardware.

As of 2024, FBHS has a robust portfolio that includes well-known brands such as Moen, Therma-Tru, Master Lock, and Cabinets by Fortune Brands. The company operates through three segments: Plumbing, Cabinets, and Doors & Security. In 2023, FBHS reported sales of approximately $5.4 billion, showcasing its strong market presence and customer demand.

Company's Financial Performance in the Latest Financial Reports

In the most recent financial reporting period, FBHS achieved record-breaking revenue, driven by strong sales from its plumbing and cabinetry segments. The company reported a total revenue of $5.4 billion for the fiscal year 2023, marking a significant increase of 12% year-over-year.

Specifically, the plumbing segment led the revenue generation with a remarkable $2.0 billion, a testament to the growing consumer preference for high-quality plumbing products. The cabinets segment also saw robust growth, contributing an impressive $1.5 billion. Furthermore, the doors and security segment generated $1.9 billion in revenue, reflecting the increasing demand for enhanced home security solutions.

In terms of net income, FBHS reported $570 million for the year, with an operating margin of 10.6%. The company has also demonstrated a solid balance sheet with total assets valued at $3.9 billion and a debt-to-equity ratio of 0.67.

Introduction to the Company as a Leader in the Industry

Fortune Brands Home & Security, Inc. stands out as one of the leading companies in the home and security products industry. With a commitment to innovation and quality, FBHS has continually set standards for product excellence and customer satisfaction.

As of 2024, FBHS ranks among the top companies in its sector, with a market capitalization of approximately $8.5 billion. Its strategic investments in product development and a focus on sustainability have positioned the company to adapt and thrive in an ever-evolving market landscape.

With a dedicated workforce of over 7,500 employees and a strong distribution network, FBHS remains committed to delivering superior products and solutions. Readers are encouraged to explore further details below to gain insights into the factors contributing to FBHS's sustained success in the industry.

Mission Statement of Fortune Brands Home & Security, Inc. (FBHS)

Company's Mission Statement

The mission statement of Fortune Brands Home & Security, Inc. (FBHS) serves as a guiding foundation for the company's strategic direction and operational activities. It articulates the purpose of the organization and defines the scope of its business, ensuring that all employees and stakeholders understand its core objectives. In 2023, FBHS generated a revenue of approximately $5.8 billion, highlighting the importance of its mission in driving sustainable growth.

Commitment to Quality

At the heart of FBHS's mission statement is a strong commitment to delivering high-quality products. This component emphasizes not only the durability and reliability of the products but also the innovative design that meets customer needs. In 2022, FBHS invested about $150 million in product development and innovation, aiming to enhance the quality and functionality of its offerings.

Customer Satisfaction

The second core component revolves around ensuring exceptional customer satisfaction. FBHS strives to exceed customer expectations, as evidenced by a net promoter score (NPS) of 72 in 2023, which signifies a strong customer loyalty base. The company regularly conducts surveys and feedback sessions, resulting in a 85% customer satisfaction rate.

Innovation and Sustainability

The final component focuses on innovation and sustainability. FBHS is committed to integrating sustainable practices within its operations and product offerings. In 2022, it announced plans to reduce greenhouse gas emissions by 25% by 2025. Additionally, around $200 million has been allocated for research into sustainable materials and technology advancements over the next three years.

Through these core components, FBHS not only establishes a framework for its mission but also demonstrates its commitment to excellence, customer engagement, and environmental stewardship in the home and security industry.

Vision Statement of Fortune Brands Home & Security, Inc. (FBHS)

Vision Statement Overview

The vision statement of Fortune Brands Home & Security, Inc. (FBHS) as of 2024 outlines the company's ambition to be the most trusted and innovative provider of home and security products. This vision emphasizes growth, sustainability, and superior customer experience.

Commitment to Innovation

FBHS aims to lead the home improvement market through continuous innovation. The company invests approximately $80 million annually in research and development to create products that enhance the home environment.

• Launch of 50+ new products in 2023
• Increase in product differentiation, targeting a 15% growth rate in innovative products by 2025

Sustainability Goals

FBHS is committed to sustainability, targeting a 50% reduction in greenhouse gas emissions across its operations by 2030. The company plans to achieve 100% recycled or sustainably sourced materials in its products by 2025.

Customer-Centric Approach

FBHS emphasizes a customer-centric approach to business. The company aims to achieve a customer satisfaction score of 90% by 2024. This involves continuous feedback mechanisms and improvements based on consumer insights.

• Investment in customer service training amounting to $10 million annually
• Implementation of a new CRM system by the end of 2024, enhancing customer engagement and retention

Global Expansion Strategy

FBHS's vision includes expanding its global footprint. The company aims to enter 5 new international markets by 2025, with projected revenue growth from these markets contributing an additional $200 million to annual sales.

Financial Performance and Growth

FBHS anticipates a year-over-year revenue growth of 10%, aiming for total revenues of approximately $5.5 billion by the end of 2024. This growth is driven by new product introductions and market expansion.

• Projected EBITDA margin of 15% for 2024
• Return on equity target of 20% by 2025

Core Values of Fortune Brands Home & Security, Inc. (FBHS)

Core Value: Integrity

Integrity serves as the foundation of Fortune Brands Home & Security, Inc. (FBHS). It emphasizes ethical behavior, transparency, and accountability in all business dealings.

FBHS has demonstrated its commitment to integrity through various initiatives:

• Implementation of the Code of Conduct in 2024, ensuring that all employees adhere to ethical guidelines.
• Regular ethics training sessions for employees, with over 95% participation across all departments in 2023.
• Establishment of an anonymous reporting system for unethical behavior, with a 100% response rate to reported cases in 2023.

Core Value: Innovation

Innovation is crucial for FBHS to maintain its competitive edge and meet changing customer needs.

Specific examples showcasing FBHS's commitment to innovation include:

• Investment of $30 million in research and development in the fiscal year 2023.
• Launch of the Smart Home Product Line in Q1 2024, projected to increase sales by 15% over the next year.
• Partnership with technology firms to integrate AI and IoT into product offerings, enhancing customer experience.

Core Value: Customer Focus

Customer focus drives FBHS to prioritize the needs and preferences of its clients.

Examples of FBHS's dedication to customer focus include:

• Establishment of a Customer Experience Team in 2023, leading to a customer satisfaction score of 92%.
• Implementation of customer feedback loops that resulted in a 20% increase in product improvements based on customer suggestions.
• Launch of a 24/7 customer support hotline in 2024, improving response times by 30%.

Core Value: Sustainability

Sustainability reflects FBHS's commitment to environmental stewardship and responsible resource use.

FBHS has shown its commitment to sustainability through:

• Reduction of greenhouse gas emissions by 25% since 2020, with a goal to achieve a 50% reduction by 2030.
• Use of recyclable materials in 75% of its products by the end of 2023.
• Investment of $10 million in renewable energy sources for manufacturing facilities in 2023.

Core Value: Collaboration

Collaboration emphasizes teamwork and partnership within and outside the organization.

Demonstrations of FBHS's commitment to collaboration include:

• Implementation of cross-departmental teams to enhance problem-solving capabilities, resulting in 40% faster project completions.
• Partnership with local communities for sustainability initiatives that have involved over 200 local volunteers in 2023.
• Hosting quarterly innovation workshops where employees share ideas, leading to a 15% increase in new project proposals.