ASSA ABLOY announced that it has reached a settlement with the U.S. Department of Justice in regards to its acquisition of Spectrum Brands’ Hardware and Home Improvement division (HHI). The DOJ has previously filed a suit to block the acquisition over competition concerns.
In connection with the recent settlement, ASSA ABLOY will go ahead with its previously proposed plan to divest Emtek and the Smart Residential business in the U.S. and Canada to Fortune Brands.
Following this settlement, the HHI acquisition remains subject to customary closing conditions, including approval of the Mexican competition authority, which is the only outstanding regulatory condition, according to ASSA ABLOY. The company expects the transaction to close no later than the end of June 2023.
“The settlement with DOJ is an important milestone towards closing of the HHI acquisition, which will empower us to increase investments in the residential segments, realize the synergies of US$100M and strengthen our product offering for the benefit of consumers,” said Nico Delvaux, president and CEO, ASSA ABLOY, in a statement.
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