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Fortune Brands Announces Agreement To Acquire Emtek And Schaub Premium Residential Hardware Brands And The U.S. And Canadian Yale And August Residential Smart Lock Brands From Assa Abloy

PUBLIC · FBINDec 02, 2022

Acquiring Company

Fortune Brands Innovations

Acquired Company

Emtek

SingaporeWoodbridgeGuelphSan FranciscoManufacturingEnergyHardwareRenewable EnergySolarOther

Description

Fortune Brands Home & Security, Inc. (“FBHS,” “Fortune Brands” or the “Company”), an industry-leading home and security products company, today announced it has entered into a definitive agreement to acquire the Emtek and Schaub premium and luxury door and cabinet hardware business and the U.S. and Canadian Yale and August residential smart home locks business (collectively the “Business”) from ASSA ABLOY, Inc. (a subsidiary of ASSA ABLOY AB), for a purchase price of $800 million, or approximately $700 million net of tax benefits, in cash on a cash-free, debt-free basis, subject to customary adjustments (collectively, the “Acquisition”).

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Company Information

Company

Fortune Brands Innovations

About

Fortune Brands Innovations, Inc. operates within the consumer products industry, focusing primarily on the manufacturing and distribution of home and building products. The company offers a variety of key products including cabinets, plumbing fixtures, and doors. It serves a wide geographic market that includes residential, commercial, and industrial sectors across North America. The company is known for leveraging strategic financial agreements to enhance liquidity and growth, exemplifying this with a recent five-year unsecured revolving credit agreement totaling $1.25 billion to support corporate purposes, working capital, and acquisitions. This financing arrangement underscores the company's commitment to maintaining financial stability and expanding its operational capabilities.

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Frequently asked

Who acquired Emtek?

Emtek was acquired by Fortune Brands Innovations. The deal was reported on December 2, 2022. Fortune Brands Innovations, Inc. operates within the consumer products industry, focusing primarily on the manufacturing and distribution of home and building products. Fortune Brands Innovations is publicly traded (FBIN).

When did Fortune Brands Innovations acquire Emtek?

Fortune Brands Innovations's acquisition of Emtek was reported on December 2, 2022. Fortune Brands Home & Security, Inc. Fundz records the date the transaction was first publicly reported, sourced from filings and company announcements.

What does Emtek do?

Emtek Products, Inc. was founded in 1981 as a decorative door hardware manufacturer & is a leader in lock security & door opening solutions bringing style to any home. It is privately held, and is based in Singapore.

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