ASSA ABLOY responds to DOJ challenge to HHI Spectrum acquisition
October 16, 2022 By SP&T Staff
In response to a U.S. Department of Justice challenge to its proposed acquisition of the Hardware and Home Improvement (HHI) division of Spectrum Brands, ASSA ABLOY has initiated the sale of Emtek and the Smart Residential business in the U.S. and Canada.
According to ASSA ABLOY, these businesses represented sales of approximately US$350M in 2021. Residential businesses outside of the U.S. and Canada are not in scope to be divested.
ASSA ABLOY’s proposed acquisition of the HHI division of Spectrum Brands was first announced in September 2021. The DOJ filed a lawsuit to block the transaction in September of this year, alleging that the merger would eliminate important competition between the companies.
“We believe strongly in the acquisition of HHI as we together will increase investments in the residential segments and strengthen our combined product offering for the benefit of consumers. The proposed remedies eliminate all competitive concerns alleged by the DOJ,” said Nico Delvaux, president and CEO, ASSA ABLOY, in a company statement.
Print this page