STOCKHOLM, Sept. 8, 2021 /PRNewswire/ — ASSA ABLOY has signed a definitive agreement to acquire the Hardware and Home Improvement (“HHI”) division of Spectrum Brands (NYSE:SPB) for a purchase price of MUSD 4,300 on a cash and debt free basis.
Spectrum Brands’ Hardware and Home Improvement (“HHI”) division is a leading provider of security, plumbing, and builders’ hardware products to the North American residential segment with a diversified product offering of locksets, faucets, and builders´ hardware.
HHI has a varied portfolio of innovative products, including patented SmartKey technology and electronic, smart and biometric locks. Key brands include Kwikset, Baldwin, Weiser, Pfister and National Hardware.
HHI has strong, established relationships with a variety of customers including large home improvement centers, wholesale distributors, homebuilders, online retail channels, and home automation providers.
For the fiscal year ending September 2020, HHI’s net sales were MUSD 1,342 with adjusted EBITDA margin of around 19%.
HHI is headquartered in Lake Forest, California…
