News Summary
Fortune Brands Innovations, Inc. has revealed plans to consolidate its U.S. regional headquarters in Deerfield, Illinois, aiming to enhance innovation and operational efficiency. The move is expected to create a collaborative work environment for over 1,000 associates by 2027. This initiative is supported by the State of Illinois, which has offered tax credits as part of its economic development program. The strategic consolidation aims to streamline operations and improve organizational efficiency, with future plans being discussed in their earnings call in February 2025.
Fortune Brands Innovations Takes Big Steps Towards Growth
In an exciting move aimed at boosting innovation and operational efficiency, Fortune Brands Innovations, Inc. has announced plans to consolidate its U.S. regional headquarters in the charming suburb of Deerfield, Illinois. This transformation is part of a bold strategy designed to enhance the company’s growth opportunities while creating an inspiring workspace for its associates.
Collaborative Work Environment
The new headquarters, which will occupy two buildings in the Deerfield area, is set to provide a collaborative office environment where employees can foster creativity and develop digital solutions. With a focus on promoting a sense of community, the Deerfield workspace is expected to bring team members together, making it easier to share ideas and work towards common goals.
What’s the Benefit?
The CEO, Nicholas Fink, explained that this consolidation is not just about moving offices but is seen as a strategic opportunity to enhance organizational efficiency. By centralizing operations in one location, Fortune Brands aims to streamline processes and ultimately drive greater growth and shareholder value.
Support from the State
This big step is backed by the State of Illinois Economic Development for a Growing Economy (EDGE) program, which has offered annual tax credits to support the company’s expansion in the area. This partnership between Fortune Brands and the state underscores the commitment to creating jobs and fostering a vibrant business environment.
Workforce Expansion
By the end of 2027, the ambitious plan is to welcome over 1,000 associates to the Deerfield headquarters. This number will include both current employees who will be relocating and new hires in the Chicago vicinity. Meanwhile, existing operations in San Francisco and various manufacturing and distribution sites across the U.S. will remain intact, ensuring that the company’s broad footprint continues to thrive.
New Leadership Structure
- Leigh Avsec – EVP, External Affairs and Chief of Staff
- Aaron Bores – EVP, Product Development
- Kevin Campbell – President, Moen
- Mark-Hans Richer – EVP and Chief Marketing Officer
- Rachel Roberts – President, House of Rohl
- David Youn – President, Outdoors
In addition, Dave Barry, the current CFO, is transitioning to become President of Security and Connected Products. He will oversee the company’s legacy security business and initiatives focused on digital growth. As such, an active search for a new CFO has kicked off to ensure a seamless transition.
Future Plans
Nicholas Fink has expressed confidence that these changes will position Fortune Brands as a more agile and efficient organization, ready to unlock new opportunities for growth. For those curious about the future, the company plans to discuss these developments in detail during its upcoming fourth quarter and full-year 2024 earnings call scheduled for February 6, 2025.
A Glimpse into the Brand Portfolio
As a reminder, Fortune Brands boasts a diverse range of well-established brands, including Moen, House of Rohl, Aqualisa, SpringWell, Therma-Tru, Larson, Fiberon, Master Lock, SentrySafe, and Yale residential. With this headquarters consolidation in Deerfield, the company is stepping onto a promising path filled with exciting opportunities to revamp its strategy and strengthen its market presence.
Stay tuned for more updates as Fortune Brands Innovations embarks on this thrilling journey!
Deeper Dive: News & Info About This Topic
- Fortune Brainstorm AI 2025
- Daily Press: Wheel of Fortune Showcase
- Fortune: Merck Cancer Vaccine Lawsuit
- Business Wire: Fortune Brands Leadership Changes
- RSM: Best Workplaces in Consulting
- Wikipedia: Corporate Headquarters
- Google Search: Fortune Brands Innovations
- Google Scholar: Leadership Strategies
- Encyclopedia Britannica: Business Development
- Google News: Fortune Brands
