ASSA ABLOY to sell Emtek, Smart Residential business to Fortune Brands
December 4, 2022 By SP&T Staff
ASSA ABLOY stated that it has entered into binding agreements with Fortune Brands Home & Security Inc. for the sale of Emtek and the Smart Residential business in the U.S. and Canada for US$800M. The businesses represented sales of approximately US$350M in 2021.
These agreements will “fully resolve all the alleged competitive concerns surrounding the proposed acquisition of the Hardware and Home Improvement division of Spectrum Brands” according to ASSA ABLOY.
In Sept. 2021, ASSA ABLOY first announced it had signed an agreement to acquire Spectrum Brands’ HHI division for US$4.3B. A year later, the U.S. Department of Justice announced intent to block the sale based on competition concerns.
“With Fortune Brands, our excellent U.S. and Canadian residential businesses will get a good and strong home with an experienced owner. While keeping these residential businesses in the U.S. and Canada would have been preferred, we are confident that we have now fully eliminated all competitive concerns alleged by the DOJ and that the acquisition of HHI is in the long-term interest of our shareholders,” said Nico Delvaux, President and CEO, ASSA ABLOY, in a statement.
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