Business

Fortune Brands completes acquisition of door, locks companies

Posted June 19, 2023 11:00 pm

DEERFIELD - Fortune Brands Innovations Inc. said Tuesday it completed the acquisition of the Emtek and Schaub premium and luxury door and cabinet hardware business, and the U.S. and Canadian Yale and August residential smart locks business, from ASSA ABLOY.

Fortune Brands is a home, security and commercial building products company.

The acquisition purchase price was $800 million, or approximately $700 million net of tax benefits, on a cash-free, debt-free basis, subject to customary adjustments, the company said.

"I am thrilled that Yale, Emtek, August and Schaub have now officially joined the Fortune Brands family," said Nicholas Fink, chief executive officer. "With this acquisition, we will increase Fortune Brands' scale in connected products, drive innovation and expand our offering in the luxury home products market."

For the second half of 2023, the acquisition is expected to generate net sales of $190 million to $210 million and earnings per share of up to 4 cents, Fortune Brands said.

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