November 26, 2022
ASSA ABLOY formally responds to the DOJ’s grievance to dam the acquisition of the {Hardware} and Residence Enchancment division

STOCKHOLM, Oct. 17, 2022 /PRNewswire/ — As we speak, ASSA ABLOY formally filed its response to the U.S. Division of Justice´s (“DOJ”) grievance to dam the proposed acquisition of the {Hardware} and Residence Enchancment division (“HHI”) of Spectrum Manufacturers.

On September 8, 2021, ASSA ABLOY introduced it had signed an settlement to amass the HHI division of Spectrum Manufacturers (NYSE:SPB) for a purchase order worth of MUSD 4,300 on a money and debt free foundation. On September 15, 2022, the DOJ introduced that it’ll search to dam the proposed acquisition of HHI.

ASSA ABLOY and Spectrum Manufacturers are vigorously contesting in court docket the trouble by the DOJ to oppose the proposed transaction. ASSA ABLOY has in the present day filed its formal response to the District Court docket of Columbia noting the next:

To completely resolve all of the alleged aggressive considerations surrounding the acquisition of HHI, ASSA ABLOY has initiated a gross sales technique of Emtek and the Good Residential enterprise within the U.S. and Canada. These companies represented gross sales of about MUSD 350 in 2021. Residential companies exterior of the U.S. and Canada will not be in scope to be divested.

“We imagine strongly within the acquisition of HHI as we collectively will enhance investments within the residential segments and strengthen our mixed product providing for the good thing about customers. The proposed cures remove all aggressive considerations alleged by the DOJ,” says Nico Delvaux, President and CEO of ASSA ABLOY.

The proposed divestitures are depending on our profitable protection towards the DOJ concerning the deliberate acquisition of HHI. ASSA ABLOY will stay totally dedicated to those glorious companies throughout the course of and all the companies will proceed to function as regular.

For extra info, please contact:

Nico Delvaux, President and CEO, tel. no: +46 8 506 485 82
Erik Pieder, CFO and Govt Vice President, tel. no: +46 8 506 485 72               
Björn Tibell, Head of Investor Relations, tel. no: +46 70 275 67 68, e-mail: bjorn.tibell@assaabloy.com

About ASSA ABLOY

The ASSA ABLOY Group is the worldwide chief in entry options. The Group operates worldwide with 51,000 workers and gross sales of SEK 95 billion. The Group has main positions in areas reminiscent of environment friendly door openings, trusted identities and entrance automation. ASSA ABLOY’s improvements allow protected, safe and handy entry to bodily and digital locations. Every single day, we assist billions of individuals expertise a extra open world.

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ASSA ABLOY formally responds to the DOJ’s grievance to dam the acquisition of the {Hardware} and Residence Enchancment division

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