Access control solutions provider, ASSA ABLOY, is set to complete a major acquisition in the access control space, adding the Hardware and Home Improvement (HHI) division of Spectrum Brands for $4.3 billion. Spectrum Brands’ HHI division provides security, plumbing and builders’ hardware products to the residential sector in North America.
Brands under the HHI division include Kwikset, Baldwin, Weiser, Pfister and National Hardware.
An announcement from ASSA ABLOY reads in part: “the acquisition is a strategically important step in developing the company’s residential business in North America, supplementing our strong reputation for innovation on the commercial side. HHI focuses on the residential space in North America, which is highly attractive: underpinned by favorable macro trends such as recent strong home sales, housing starts, an aging housing stock, and increased consumer focus on home repair and remodeling.”
Following the acquisition, HHI will become part of the Opening Solutions Americas Division.
“The acquisition of HHI brings strong, well-known brands and high-quality, innovative products to the residential portfolio for ASSA ABLOY in North America, complementing our current business with a passionate and experienced team,” says Lucas Boselli, executive vice president of ASSA ABLOY and head of the Americas division. “Our technology platform and innovation focus supplements HHI’s current offerings, and provides an exciting opportunity for us to deliver superior value to consumers.”
For the fiscal year ending September 2020, HHI’s net sales were $1.3 billion.
“HHI is an excellent addition to the ASSA ABLOY Group and constitutes an important strategic step in developing our residential business in North America,” says Nico Delvaux, president and CEO of ASSA ABLOY. “This acquisition advances our strategy to strengthen our position by adding complementary products to the core business and it will further accelerate the transformation from mechanical to digital solutions. I look forward to welcoming HHI and all of its employees into the ASSA ABLOY Group.”
HHI is headquartered in Lake Forest, Calif., with 7,500 employees worldwide and manufacturing facilities in the United States, Mexico, Taiwan, China and the Philippines.
“After stewarding this asset for the past decade, the board of directors and I are confident that ASSA ABLOY is uniquely positioned to take our HHI business and team members to the next level of performance and achievement,” says David M. Maura, executive chairman and CEO of Spectrum Brands Holdings Inc. “I am personally excited to see the innovation and exciting new products that this transaction will unlock for future generations.”