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STOCKHOLM, Oct. 17, 2022 /PRNewswire/ — Today, ASSA ABLOY officially presented its reaction through the U. S. Department of Justice. The U. S. Department of Hardware and Home Improvement (“HHI”) acquisition of the Spectrum brands is sought by the U. S. Department of Hardware and Home Improvement (“DOJ”).
On September 8, 2021, ASSA ABLOY announced that it had signed an agreement to acquire the HHI department of Spectrum Brands (NYSE: SPB) for an acquisition valued at 4300 MUSD, with no money or debt. On September 15, 2022, the DOJ announced that it would seek to block the proposed acquisition of HHI.
ASSA ABLOY and Spectrum Brands are vigorously challenging in court the Justice Department’s efforts to oppose the proposed transaction. ASSA ABLOY filed its official reaction in U. S. District Court. He said in the U. S. Department of Columbia for the District of Columbia and noted the following:
To fully address all the alleged festival considerations surrounding the HHI acquisition, ASSA ABLOY has initiated a proceeding to sell Emtek and the Smart Residential business in the United States and Canada. These corporations accounted for sales of approximately 350 MUSDs in 2021. The U. S. and Canada are not eligible for removal.
“We are firmly in the acquisition of HHI, as in combination we will accumulate investments in the residential segments and strengthen our combined product by providing the advantages of consumers. The proposed responses eliminate all festival considerations alleged through the Department of Justice,” said Nico Delvaux. , President and Chief Executive Officer. CEO of ASSA ABLOY.
The proposed divestitures depend on our successful defense against the Department of Justice in connection with the planned acquisition of HHI. ASSA ABLOY will remain fully committed to those fair corporations, the procedure and all businesses will continue to operate normally.
For more information, please contact:
Nico Delvaux, President and Chief Executive Officer, tel. no: 46 8 506 485 82Erik Pieder, Chief Financial Officer and Executive Vice President, tel. no: 46 8 506 485 Björn Tibell, Head of Investor Relations, tel. no: 46 70 275 67 68, email: bjorn. tibell@assaabloy. com
About ASSA ABLOY
The ASSA ABLOY Group is the world leader in access solutions. The organisation operates worldwide with 51,000 employees and a turnover of SEK 95 billion. The Group holds leadership positions in spaces such as effective door opening, trusted identities and access automation. Secure, secure and convenient access to physical and virtual locations. Every day, we help billions of people notice a more open world.
The following files are available for download:
https://mb. cision. com/Main/7333/3648674/1639024. pdf
Press (PDF)
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SOURCE ASSA ABLOY