ASSA ABLOY will acquire the Hardware and Home Improvement (“HHI”) division of Spectrum Brands for $4.3 billion, the company announced. 

Spectrum Brands’ HHI division is a provider of security, plumbing and builders' hardware products to the North American residential segment. Brands under the HHI division include Kwikset, Baldwin, Weiser, Pfister and National Hardware.

“HHI is an excellent addition to the ASSA ABLOY Group and constitutes an important strategic step in developing our residential business in North America,” said 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.”

For the fiscal year ending September 2020, HHI's net sales were $1.3 billion.

HHI is headquartered in Lake Forest, Calif., with 7,500 employees worldwide and has 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,” said 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.” 

According to ASSA ABLOY, the acquisition is a “strategically important step in developing ASSA ABLOY'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,” ASSA ABLOY continued. 

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,” said 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.”