Fortune Brands Innovations To Sell Fiberon Decking Business To Inteplast For $160M; Expects Additional Impairment Charge Of Up To $205M

Fortune Brands Innovations, Inc. has agreed to sell its Fiberon decking business to Inteplast Group Corporation for $160 million in cash. Following a recoverability test, the company recorded a long-lived asset impairment of $221.2 million related to Fiberon, which included a reduction in the carrying value of customer relationships and property. Additionally, an expected non-cash impairment charge of $175 million to $205 million is anticipated due to the sale.