Kwikset, Baldwin Parent Company Acquired by Swedish Firm
STOCKHOLM — ASSA ABLOY, the Stockholm-based manufacturer of access solutions, has signed a definitive agreement to acquire the Hardware and Home Improvement (HHI) division of Spectrum Brands, a major supplier of security, plumbing and hardware products to the North American residential construction market, the companies announced.
HHI, headquartered in Lake Forest, CA, manufactures a product line that includes locksets, faucets and builders’ hardware, supplied through home improvement centers, wholesale distributors, home builders, online retail channels and home-automation providers. Brands include Kwikset, Baldwin Hardware, 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.”
The transaction is expected to close during the fourth quarter of 2021, corporate officials said, adding that HHI will become part of the ASSA ABLOY’s Opening Solutions Americas Division.
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