Spectrum Brands Holdings, Inc. (SPB), a branded consumer products and home essentials company, Friday said it is more committed and confident than ever that it will complete the sale of its Hardware and Home Improvement or HHI segment to Swedish conglomerate ASSA ABLOY.
The statement comes as ASSA ABLOY announced an agreement to sell its Emtek and the Smart Residential Business in the U.S. and Canada to Fortune Brands.
It was in September 2021 that Spectrum Brands announced an agreement to sell HHI to ASSA ABLOY for $4.3 billion in cash, subject to customary adjustments.
The company noted that on September 15, 2022, the U.S. Department of Justice or DOJ filed a meritless lawsuit to block the closing of the HHI sale.
Spectrum Brands now said the sale of Emtek and the Smart Residential businesses to Fortune Brands will fully and completely resolve any conceivable competitive concerns.
David Maura, Spectrum Brands’ 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….. We continue to strongly disagree with the DOJ’s position, but in order to ensure that consumers do not lose out on the substantial benefits that will result from the sale of HHI to ASSA ABLOY, the comprehensive proposal announced today was made to resolve DOJ’s purported concerns.”
The company now said both the sale of HHI and the divestitures to Fortune Brands are expected to close during the second calendar quarter of 2023 after the successful defense against the DOJ.
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