Fortune brands announces agreement to acquire emtek and schaub premium residential hardware brands and the u.s. and canadian yale and august residential smart lock brands from assa abloy

Deerfield, ill.--( business wire )--fortune brands home & security, inc. (“fbhs,” “fortune brands” or the “company”), an industry-leading home and security products company, today announced it has entered into a definitive agreement to acquire the emtek and schaub premium and luxury door and cabinet hardware business and the u.s. and canadian yale and august residential smart home locks business (collectively the “business”) from assa abloy, inc. (a subsidiary of assa abloy ab), for a purchase price of $800 million, or approximately $700 million net of tax benefits, in cash on a cash-free, debt-free basis, subject to customary adjustments (collectively, the “acquisition”).
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