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- Fortune Brands Innovations (NYSE:FBIN) has acquired a minority stake and entered into a strategic partnership with Value Hybrid Global, a software and SaaS startup focused on the delivery of connected lockout tagout (cLOTO) solutions, it said on Thursday.
- This partnership is expected to expedite Master Lock’s ability to bring to market new and innovative products in the emerging field of cLOTO, and expand its presence in commercial safety solutions, Fortune Brands (FBIN) said.
- Fortune Brands Chief Executive Officer Nicholas Fink said, “Connected lockout tagout is a significant opportunity for Fortune Brands. It is an attractive, emerging field that we are well positioned to lead in…”
- Fortune Brands noted that there is a significant and growing long-term opportunity in the U.S. and around the globe as companies seek to automate and provide real-time tracking of processes and procedures that will improve safety in the work environment and make it more secure in the future.
- FBIN is -0.41% to $67.59.
- Source: Press Release
