Assa Abloy Completes $4.3 Billion Home-Improvement Buy
2023年6月21日 - 4:40PM
Dow Jones News
By Dominic Chopping
STOCKHOLM--Assa Abloy said late Tuesday that it has completed
the $4.3 billion acquisition of Spectrum Brands' hardware and home
improvement division and the $800 million divestment of Emtek and
its smart residential business in the U.S. and Canada to Fortune
Brands Innovations.
The Swedish lock maker announced plans to buy HHI in September
2021 but the U.S. Department of Justice sued to block the deal,
saying it would diminish competition in the residential door
hardware industry and raise prices.
However, a deal was reached last month to settle the litigation,
with Assa Abloy agreeing to divestments in order clear the HHI
buy.
HHI reported sales of $1.65 billion in the fiscal year ending
September 2022, with an adjusted earnings before interest, taxes,
depreciation and amortization margin of 15.6%.
The acquisition is expected to be initially dilutive to the
group's operating margin and earnings per share, but operating
profit synergies are expected to reach around $100 million within a
five-year period, it said.
The Emtek and smart residential business in the U.S. and Canada
divested to Fortune Brands represented sales of about $400 million
in 2022.
Assa Abloy said the preliminary divestment result, net of exit
costs and before taxes, is estimated to be about $300 million.
In a separate announcement, the company said it will book a 2.2
billion Swedish kronor ($203.9 million) impairment of goodwill and
other intangible assets in the second quarter of 2023, primarily
related to its Citizen ID business.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
June 21, 2023 03:25 ET (07:25 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
Spectrum Brands (NYSE:SPB)
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から 4 2024 まで 5 2024
Spectrum Brands (NYSE:SPB)
過去 株価チャート
から 5 2023 まで 5 2024
