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Composite decking and railing manufacturer Fiberon, New London, N.C., has agreed to be acquired by Fortune Brands, Deerfield, Il., for $470 million.
Fiberon will become part of Fortune’s new Doors & Security segment, which also includes Therma-Tru Doors and Master Lock. Other segments are Plumbing (Moen) and Cabinets (MasterBrand).
The deal was expected to close before the end of September.