stockholm, December 2, 2022 OneSSA ABLOY has entered into a binding agreement with Fortune Brands Home & Security, Inc. (NYSE: FBHS) or (“Fortune Brands”) the sale of Emtek and the smart home business in the United States, and Canada Fully resolve all alleged competition issues surrounding the proposed acquisition of Spectrum Brands’ hardware and home improvement division (“HHI”).
United Nations September 8, 2021, ASSA ABLOY announced that it has signed an agreement to acquire the HHI division of Spectrum Brands (NYSE: SPB ) for a cash and debt-free consideration of $4,300.United Nations September 15, 2022The U.S. Department of Justice (“DOJ”) has announced that it will seek to block the proposed acquisition of Hyundai Heavy Industries.
ASSA ABLOY has entered into a binding agreement with Fortune Brands for the sale of Emtek and its smart home business in the US, and Canada Fully address all alleged competition concerns surrounding the proposed acquisition of HHI.Residential businesses outside the U.S. and Canada Not covered by stripping.
These businesses will generate about $350 in sales in 2021. Divested business sold for $800, cash and debt free.
“With Fortune Brands, our fine U.S. and Canadian residential businesses will find a good and strong home with experienced owners. While keeping those residential businesses in the U.S. and Canada Canada Originally preferred, we believe we have now fully eliminated all competition concerns alleged by the DOJ and that the acquisition of HHI is in the long-term interest of our shareholders,” said Nicole DelvauxPresident and CEO of ASSA ABLOY.
The divestiture is contingent on the successful defense of DOJ’s proposed acquisition of HHI. ASSA ABLOY will continue to fully support these well-performing businesses during this process and all businesses will continue to operate as normal.
After successfully fending off the DOJ, HHI’s proposed acquisition and divestiture are expected to be completed in the second quarter of 2023.
For more information, please contact:
Nicole Delvaux, President and Chief Executive Officer, tel. No: +46 8 506 485 82
Erik Pieder, Chief Financial Officer and Executive Vice President, Tel: No: +46 8 506 485 72
Björn Tibell, Head of Investor Relations, Tel: Tel: +46 70 275 67 68, Email: [email protected]
About ASSA ABLOY
ASSA ABLOY Group is a global leader in access control solutions.The group has 51,000 employees worldwide and sales of SEK 95 billion. The group is a leader in efficient door opening, trusted identity and entry automation. ASSA ABLOY innovations enable safe, secure and convenient access to physical and digital places. Every day, we help billions of people experience a more open world.
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