Fortune Brands to Acquire Yale, August, Emtek From ASSA ABLOY for $800M
Summary
ASSA ABLOY sought the sale following antitrust concerns from the Department of Justice over its acquisition of Spectrum Brands’ Hardware and Home Improvement business. “This transaction is consistent with Fortune Brands’ disciplined approach to value-creating acquisitions.” ASSA ABLOY’s luxury door and cabinet hardware and residential smart lock businesses recorded revenues of approximately $350 million in 2021. “Together with our existing iconic brands, loyal channel relationships, and supply chain expertise, we believe these additions will result in enhanced, innovative products for consumers and customers. In an effort to assuage the DOJ’s concerns, ASSA ABLOY later announced it had initiated a sales process of its Emtek and Yale smart residential business in the U.S. and Canada. 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,” says Nico Delvaux, president and CEO of ASSA ABLOY.