Spectrum Brands Holdings, a global consumer products company, said it completed the acquisition of the Hardware & Home Improvement Group (HHI) of Stanley Black & Decker, Inc. for $1.4 billion in cash.
The agreement was first announced back on Oct. 9.
HHI is a major manufacturer and supplier of residential locksets, residential builders’ hardware and faucets with leading positions in key North American markets and a portfolio of renowned brands, including Kwikset, Weiser, Baldwin, National Hardware, Stanley, Fanal, Pfister and EZSet.
HHI is a leader in its key markets with leading positions in U.S. residential locksets (Kwikset), Canada residential locksets (Weiser), U.S. luxury locksets (Baldwin), and U.S. builders’ hardware (Stanley/National Hardware), and a top 5 position in U.S. faucets (Pfister).
“We are pleased to have closed on our HHI acquisition, and with attractive debt financing, before the end of 2012, as we had originally anticipated,” said Dave Lumley, Chief Executive Officer of Spectrum Brands Holdings. “HHI brings us scale and greater product diversity, more balance in our sales profile, stronger relationships with core retail partners, attractive cross-selling opportunities in all channels, and a new platform for significant future global growth using Spectrum Brands’ existing international infrastructure, most notably in Europe.”