ASSA To Sell Yale, Emtek
ASSA to sell Yale, Emtek – ASSA ABLOY will sell the Yale and Emtek brands in response to the U.S. Department of Justice’s block of its proposed $4.3 billion acquisition of Spectrum’s Hardware and Home Improvement (HHI).
HHI includes the Kwikset, Baldwin, Weiser, Pfister and National Hardware brands and DOJ’s complaint alleged the merger would eliminate competition between ASSA ABLOY and Spectrum in the locks market, give ASSA ABLOY a near-monopoly in premium mechanical door hardware and more than 50 per cent of the smart locks market.
To resolve the alleged concerns, ASSA ABLOY said it had initiated a sales process of Emtek and its Yale smart residential business in the U.S. and Canada.
“We believe strongly in the acquisition of HHI as we together will increase investments in the residential segments and strengthen our combined product offering for the benefit of consumers – the proposed remedies eliminate all competitive concerns alleged by the DOJ,” said Nico Delvaux, president and CEO of ASSA ABLOY.
According to ASSA ABLOY, the proposed divestitures depend on its successful defence against the DOJ regarding the planned acquisition of HHI. ASSA said it would remain fully committed to the businesses during the process and all businesses will continue to operate as normal.
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