Fortune Brands Home & Security (FBHS, Deerfield, Illinois / USA; www.fbhs.com) announced it has signed an agreement to acquire Fiberon (New London, North Carolina / USA; www.fiberondecking.com) for around USD 470m (EUR 403m). Closing is expected on or before 23 September 2018.

Fiberon is a manufacturer of outdoor materials such as PVC and wood plastic composites used in decking, railing, cladding and fencing products. The company employs around 500 people at its two US production sites in New London and Meridian, Idaho. In 2017, it generated approximately USD 200m in sales. Fibron will join Fortune Brands’ new Doors & Security segment, which is to be expanded into the outdoor living market, said Fortune Brands CEO Chris Klein.

The USD 2.5 bn decking market is a critical part of outdoor living spaces with growing conversion to non-wood materials, according to Fortune Brands. Capped composite non-wood products are growing at nearly 10% annually and now represent about a quarter of the decking market.