Spectrum Brands Holdings Completes Acquisition of Stanley Black & Decker’s Hardware & Home Improvement Group
Spectrum Brands Holdings Completes Acquisition of Stanley Black & Decker’s Hardware & Home Improvement Group
Spectrum Brands Holdings Inc announced that it has completed the acquisition of the Hardware & Home Improvement Group (HHI) of Stanley Black & Decker, Inc. for $1.4 billion in cash. A definitive agreement to acquire HHI was announced on October 9. The acquisition of HHI also includes certain assets of Tong Lung Metal Industry Co. Ltd. ("Tong Lung"), a Taiwanese manufacturer of residential and commercial locksets with facilities in Taiwan and the Philippines. The Tong Lung manufacturing assets will provide expanded sales platform capabilities, allowing for accelerated expansion in international markets. The acquisition of the Tong Lung assets is expected to occur during Spectrum Brands' second quarter of fiscal 2013 ending March 31, 2013. $100 million of the $1.4 billion cash purchase price, which was adjusted for net debt and working capital, has been held in escrow until the subsequent closing of the Tong Lung portion of the HHI acquisition.
Source: Reuters
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