Statement from Spectrum Brands on the US Department of Justice’s Objection to the Sale of its Hardware and Home Improvement Division to ASSA ABLOY
MIDDLETON, Wisconsin, September 15, 2022–(BUSINESS WIRE)–Spectrum Brands Holdings, Inc. (NYSE: SPB, “Spectrum Brands” or the “Company”), a global leader in branded consumer products and home essentials focused on innovation and delivering exceptional customer service, today announced that it will vigorously oppose the U.S. Department of Justice’s (“DOJ”) baseless attempt to block the Company’s sale of its Hardware and Home Improvement (“HHI”) business to ASSA ABLOY. Spectrum Brands and ASSA ABLOY are committed to closing the transaction and are confident that they will prevail in the event of litigation.
On September 8, 2021, Spectrum Brands announced that it had signed an agreement to sell its HHI business to ASSA ABLOY for $4.3 billion in cash. The transaction will benefit consumers first and foremost. In ASSA ABLOY’s hands, HHI will be able to compete fiercely in today’s home security market and provide consumers with greater innovation and product choice. The transaction will also simplify Spectrum Brands’ business and advance its strategic goal of creating a pure global pet care and home and garden company, allowing management to devote resources and prioritize the innovation in these units to accelerate long-term sustainable growth. .
The DOJ lawsuit challenging the transaction ignores the realities of this dynamic industry and the highly competitive landscape of the home security market, in which there are many capable and vigorous competitors and quick and easy entry of new companies. This transaction will only enhance HHI’s ability to deliver the innovations consumers demand. The combined entity will deliver more value and innovation to customers and strengthen competition in an ever-changing marketplace.
David Maura, the company’s Chairman and CEO, said, “Despite their strong disagreement with the DOJ’s purported concerns, in the spirit of compromise – and to accelerate delivery of the tangible benefits this transaction offers to all stakeholders – Spectrum Brands and ASSA ABLOY have made numerous proposals to address the DOJ’s concerns, each of which has been dismissed without merit.Their choice to sue puts political ideology above the interests of American consumers and workers. We are confident that the Court will agree with us and allow us to complete the transaction.”
We have made, implied or incorporated by reference certain forward-looking statements in this press release. All statements, other than statements of historical facts included or incorporated by reference herein, without limitation, statements or expectations regarding our business strategy, future operations, financial condition, projected synergies, outlook, plans and statements regarding the HHI transaction, lawsuits and outlook thereof are forward-looking statements. When used in this document, the words future, anticipate, pro forma, seek, intend, plan, envision, estimate, believe, believe, expect, project, forecast, outlook, earnings framework, aim, objective, target, might, would, will, can, should, may and similar expressions are also intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Because these forward-looking statements are based on our current expectations of future events and projections and are subject to a number of risks and uncertainties, many of which are beyond our control and some of which may change rapidly, the results or actual results may differ materially. of those expressed or implied herein, and you should not place undue reliance on such statements. Except as required by applicable law, including United States securities laws and the rules and regulations of the United States Securities and Exchange Commission, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, to reflect actual results or changes in factors or assumptions affecting such forward-looking statements.
About Spectrum Brands Holdings, Inc.
Spectrum Brands Holdings is a home essentials company with a mission to make life better at home. We are focused on delivering innovative products and solutions to consumers for use in and around the home through our trusted brands. We are a leading supplier of specialty pet supplies, lawn and garden and home pest control products, personal insect repellents, shaving and grooming products, personal care products and small Appliances. Helping to meet the needs of consumers around the world, Spectrum Brands offers a broad portfolio of market-leading, well-known and widely recognized brands, including Tetra®Dream Bone®SmartBones®miracle of nature®8 in 1®FURminator®Healthy-Hide®Good boy®meow!®OmegaOne®Spectracide®Cutter®Repel®hot shot®Rejuvenate®black flag®liquid fence®Remington®george forman®Russell Hobbs®Black+Decker®Power XL®Emeril Legasse®and Copper Cook®. For more information, please visit www.spectrumbrands.com. Spectrum Brands – A Home Essentials Company™.
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Faisal Qadir, 608-278-6207