{"id":755731,"date":"2023-05-05T19:43:08","date_gmt":"2023-05-05T23:43:08","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/spectrum-brands-and-the-doj-reach-a-settlement-regarding-the-hhi-acquisition\/"},"modified":"2023-05-05T19:43:08","modified_gmt":"2023-05-05T23:43:08","slug":"spectrum-brands-and-the-doj-reach-a-settlement-regarding-the-hhi-acquisition","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/spectrum-brands-and-the-doj-reach-a-settlement-regarding-the-hhi-acquisition\/","title":{"rendered":"Spectrum Brands and the DOJ Reach a Settlement Regarding the HHI Acquisition"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>Spectrum Brands and the DOJ Reach a Settlement Regarding the HHI Acquisition<\/b><\/p>\n<p>MIDDLETON, Wis.&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nSpectrum Brands Holdings, Inc. (NYSE: SPB, \u201cSpectrum Brands\u201d or the \u201cCompany\u201d), a leading global branded consumer products and home essentials company focused on driving innovation and providing exceptional customer service, today announced that it has agreed to a stipulation with the U.S. Department of Justice (the \u201cDOJ\u201d) to settle the DOJ\u2019s challenge of ASSA ABLOY\u2019s acquisition of the Company\u2019s Hardware and Home Improvement segment (\u201cHHI\u201d).<\/p>\n<p>\nAs previously announced, on September 8, 2021, Spectrum Brands announced an agreement to sell HHI to ASSA ABLOY for $4.3 billion in cash, subject to customary adjustments. On September 15, 2022, the DOJ filed a lawsuit to block the closing of the HHI sale. On December 2, 2022, ASSA ABLOY announced an agreement to sell its Emtek and the Smart Residential Business in the U.S. and Canada to Fortune Brands, a strong and experienced player in the home hardware and security markets.<\/p>\n<p>\nDavid Maura, the Company\u2019s Chief Executive Officer, said, \u201cWe are very pleased to have reached agreement with the DOJ, which is a critical milestone toward putting HHI in the hands of ASSA ABLOY, who we believe will enhance HHI\u2019s ability to bring consumers better innovation and product choice.\u201d<\/p>\n<p>\nThe closing of the transaction is subject to satisfaction of customary closing conditions. Approval of the Mexican competition authority is the only outstanding regulatory approval. The Company continues to expect to close this transaction on or prior to June 30, 2023.<\/p>\n<p><b><i>About Spectrum Brands<\/i><\/b><\/p>\n<p><i>Spectrum Brands Holdings is a home-essentials company with a mission to make living better at home. We focus 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 household appliances. Helping to meet the needs of consumers worldwide, Spectrum Brands offers a broad portfolio of market-leading, well-known and widely trusted brands including Tetra\u00ae, DreamBone\u00ae, SmartBones\u00ae, Nature\u2019s Miracle\u00ae, 8-in-1\u00ae, FURminator\u00ae, Healthy-Hide\u00ae, Good Boy\u00ae, Meowee!\u00ae, OmegaOne\u00ae, Spectracide\u00ae, Cutter\u00ae, Repel\u00ae, Hot Shot\u00ae, Rejuvenate\u00ae, Black Flag\u00ae, Liquid Fence\u00ae, Remington\u00ae, George Foreman\u00ae, Russell Hobbs\u00ae, Black+Decker\u00ae, PowerXL\u00ae, Emeril Lagasse\u00ae, and Copper Chef\u00ae. For more information, please visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.spectrumbrands.com&amp;esheet=53395053&amp;newsitemid=20230505005508&amp;lan=en-US&amp;anchor=www.spectrumbrands.com&amp;index=1&amp;md5=be43e97fc0a85ada601ba94a53d84623\">www.spectrumbrands.com<\/a>. Spectrum Brands \u2013 A Home Essentials Company\u2122.<\/i><\/p>\n<p><b><i>Forward Looking Statements<\/i><\/b><\/p>\n<p><i>Certain matters discussed in this press release may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We have tried, whenever possible, to identify these statements by using words like \u201cfuture,\u201d \u201canticipate\u201d, \u201cintend,\u201d \u201cplan,\u201d \u201cestimate,\u201d \u201cbelieve,\u201d \u201cexpect,\u201d \u201cproject,\u201d \u201cforecast,\u201d \u201ccould,\u201d \u201cwould,\u201d \u201cshould,\u201d \u201cwill,\u201d \u201cmay,\u201d and similar expressions of future intent or the negative of such terms. These statements are based upon 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, actual results or outcomes may differ materially from those expressed or implied herein, and you should not place undue reliance on these statements. Important factors and uncertainties that could cause our actual results to differ materially from those expressed or implied herein include, without limitation: (1) the risk that the court fails to enter of the agreed stipulation, (2) the risk that ASSA ABLOY and Fortune fail to satisfy the conditions to closing of the divestiture transaction and \/ or otherwise fail to consummate the divestiture transaction, (3) the ability to consummate the announced transaction on the expected terms and within the anticipated time period, or at all, which is dependent on the parties\u2019 ability to satisfy certain closing conditions and our ability to realize the benefits of the transaction, including reducing the leverage of the Company, invest in the organic growth of the Company, fund any future acquisitions, returning capital to shareholders, and\/or maintain its quarterly dividends; (4) the risk that regulatory approvals that are required to complete the proposed transaction may not be received, may take longer than expected or may impose adverse conditions; (5) our ability to realize the expected benefits of such transaction and to successfully separate the divested business; and (6) the other risk factors set forth in the securities filings of Spectrum Brands Holdings, Inc. and SB\/RH Holdings, LLC, including our fiscal 2022 Annual Report and subsequent Quarterly Reports on Form 10-Q.<\/i><\/p>\n<p><i>Some of the above-mentioned factors are described in further detail in the sections entitled \u201cRisk Factors\u201d in our annual and quarterly reports, as applicable. You should assume the information appearing in this press release is accurate only as of the date hereof, or as otherwise specified, as our business, financial condition, results of operations and prospects may have changed since such date. Except as required by applicable law, including he securities laws of the United States 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 statement, 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.<\/i><\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230505005508r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20230505005508\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20230505005508\/en\/<\/a><\/span><\/p>\n<p><b>Faisal Qadir<br \/>\n<\/b><br \/><b>608-278-6207<\/b><\/p>\n<p><b>KEYWORDS:<\/b> Wisconsin United States North America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Residential Building &amp; Real Estate Consumer Electronics Technology Construction &amp; Property Landscape Interior Design Specialty Pets Retail Home Goods Consumer<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20230505005508\/en\/1785716\/3\/SPB_WMLBAH.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Spectrum Brands and the DOJ Reach a Settlement Regarding the HHI Acquisition MIDDLETON, Wis.&#8211;(BUSINESS WIRE)&#8211; Spectrum Brands Holdings, Inc. (NYSE: SPB, \u201cSpectrum Brands\u201d or the \u201cCompany\u201d), a leading global branded consumer products and home essentials company focused on driving innovation and providing exceptional customer service, today announced that it has agreed to a stipulation with the U.S. Department of Justice (the \u201cDOJ\u201d) to settle the DOJ\u2019s challenge of ASSA ABLOY\u2019s acquisition of the Company\u2019s Hardware and Home Improvement segment (\u201cHHI\u201d). As previously announced, on September 8, 2021, Spectrum Brands announced an agreement to sell HHI to ASSA ABLOY for $4.3 billion in cash, subject to customary adjustments. On September 15, 2022, the DOJ filed a lawsuit to block the closing &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/spectrum-brands-and-the-doj-reach-a-settlement-regarding-the-hhi-acquisition\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Spectrum Brands and the DOJ Reach a Settlement Regarding the HHI Acquisition&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-755731","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Spectrum Brands and the DOJ Reach a Settlement Regarding the HHI Acquisition - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/spectrum-brands-and-the-doj-reach-a-settlement-regarding-the-hhi-acquisition\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Spectrum Brands and the DOJ Reach a Settlement Regarding the HHI Acquisition - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Spectrum Brands and the DOJ Reach a Settlement Regarding the HHI Acquisition MIDDLETON, Wis.&#8211;(BUSINESS WIRE)&#8211; Spectrum Brands Holdings, Inc. (NYSE: SPB, \u201cSpectrum Brands\u201d or the \u201cCompany\u201d), a leading global branded consumer products and home essentials company focused on driving innovation and providing exceptional customer service, today announced that it has agreed to a stipulation with the U.S. Department of Justice (the \u201cDOJ\u201d) to settle the DOJ\u2019s challenge of ASSA ABLOY\u2019s acquisition of the Company\u2019s Hardware and Home Improvement segment (\u201cHHI\u201d). As previously announced, on September 8, 2021, Spectrum Brands announced an agreement to sell HHI to ASSA ABLOY for $4.3 billion in cash, subject to customary adjustments. 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(NYSE: SPB, \u201cSpectrum Brands\u201d or the \u201cCompany\u201d), a leading global branded consumer products and home essentials company focused on driving innovation and providing exceptional customer service, today announced that it has agreed to a stipulation with the U.S. Department of Justice (the \u201cDOJ\u201d) to settle the DOJ\u2019s challenge of ASSA ABLOY\u2019s acquisition of the Company\u2019s Hardware and Home Improvement segment (\u201cHHI\u201d). As previously announced, on September 8, 2021, Spectrum Brands announced an agreement to sell HHI to ASSA ABLOY for $4.3 billion in cash, subject to customary adjustments. On September 15, 2022, the DOJ filed a lawsuit to block the closing &hellip; Continue reading \"Spectrum Brands and the DOJ Reach a Settlement Regarding the HHI Acquisition\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/spectrum-brands-and-the-doj-reach-a-settlement-regarding-the-hhi-acquisition\/","og_site_name":"Market Newsdesk","article_published_time":"2023-05-05T23:43:08+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230505005508r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/spectrum-brands-and-the-doj-reach-a-settlement-regarding-the-hhi-acquisition\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/spectrum-brands-and-the-doj-reach-a-settlement-regarding-the-hhi-acquisition\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Spectrum Brands and the DOJ Reach a Settlement Regarding the HHI Acquisition","datePublished":"2023-05-05T23:43:08+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/spectrum-brands-and-the-doj-reach-a-settlement-regarding-the-hhi-acquisition\/"},"wordCount":913,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/spectrum-brands-and-the-doj-reach-a-settlement-regarding-the-hhi-acquisition\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230505005508r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/spectrum-brands-and-the-doj-reach-a-settlement-regarding-the-hhi-acquisition\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/spectrum-brands-and-the-doj-reach-a-settlement-regarding-the-hhi-acquisition\/","name":"Spectrum Brands and the DOJ Reach a Settlement Regarding the HHI Acquisition - 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