Spectrum Brands’ Statement on ASSA ABLOY’s Proposed Sale of its Emtek and Smart Residential Business in the U.S. and Canada
Summary
On September 8, 2021, Spectrum Brands announced an agreement to sell HHI to ASSA ABLOY for $4.3 billion in cash, subject to customary adjustments. On December 2, 2022, ASSA ABLOY announced an agreement to sell its Emtek and the Smart Residential Business in the U.S. and Canada to Fortune Brands, a strong and experienced player in the home hardware and security markets. David Maura, the Company’s Chief Executive Officer, said, “ We have always firmly believed that the sale of HHI to ASSA ABLOY will first and foremost benefit consumers and presents no competition concerns. In ASSA ABLOY’s hands, HHI will be better able to keep up with the fierce competition across today’s home security marketplace and bring consumers better innovation and product choice. Except as required by applicable law, including the securities laws of the United States and the rules and regulations of the United States Securities and Exchange Commission, we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, to reflect actual results or changes in factors or assumptions affecting such forward-looking statements.