Fortune Brands Completes Acquisition of Emtek and Schaub Premium Hardware Brands and the U.S. and Canadian Yale and August Residential Smart Lock Brands
20 Junho 2023 - 1:49PM
Business Wire
Fortune Brands Innovations, Inc. (NYSE: FBIN or “Fortune Brands”
or the “Company”), an industry-leading home, security and
commercial building products company, today announced 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 (collectively the
“Business”) from ASSA ABLOY (collectively, the “Acquisition”).
“I am thrilled that Yale, Emtek, August and Schaub have now
officially joined the Fortune Brands family. These world-class
brands fit perfectly with our portfolio and will accelerate
strategic initiatives across our organization. With this
acquisition, we will increase Fortune Brands’ scale in connected
products, drive innovation and expand our offering in the luxury
home products market. We look forward to welcoming our new
associates and are confident this acquisition will result in
enhanced, innovative products for consumers and customers. This
transaction is a great example of Fortune Brands’ disciplined
approach to value-creating acquisitions and our larger growth
strategy,” said Fortune Brands Chief Executive Officer Nicholas
Fink.
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 net purchase
price of $700 million equates to approximately 7.8x 2022 adjusted
EBITDA for the Business before synergies. 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 $0.02 to $0.04,
inclusive of approximately $0.08 unfavorable EPS impact from
purchase price amortization. As the Company executes identified
synergies, it expects to generate net sales of $500 million to $550
million and EPS accretion of $0.45 to $0.55 in the third full year
following the Acquisition.
More information on the Acquisition will be provided on the
Company’s Q2 earnings call.
About Fortune Brands
Innovations
Fortune Brands Innovations, Inc. (NYSE: FBIN), headquartered in
Deerfield, Ill., is a brand, innovation and channel leader focused
on exciting, supercharged categories in the home products, security
and commercial building markets. The Company’s growing portfolio of
brands includes Moen, House of Rohl, Aqualisa, Emtek, Therma-Tru,
Larson, Fiberon, Master Lock, SentrySafe, Yale and August. To learn
more about FBIN, its brands and environmental, social and
governance (ESG) commitments, visit www.FBIN.com.
CAUTIONARY STATEMENT CONCERNING
FORWARD-LOOKING STATEMENTS
This press release contains certain “forward-looking statements”
made within the meaning of the Private Securities Litigation Reform
Act of 1995. Forward-looking statements include all statements that
are not historical statements of fact and those regarding our
intent, belief, or expectations. Statements preceded by, followed
by or that otherwise include the words “believes,” “positioned,”
“expects,” “estimates,” “plans,” “look to,” “outlook,” “intend,”
and similar expressions or future or conditional verbs such as
“will,” “should,” “would,” “may” and “could” are generally
forward-looking in nature and not historical facts. Where, in any
forward-looking statement, we express an expectation or belief as
to future results or events, such expectation or belief is based on
the current plans and expectations of our management. Although we
believe that these statements are based on reasonable assumptions,
they are subject to numerous factors, risks and uncertainties that
could cause actual outcomes and results to be materially different
from those indicated in such statements, including but not limited
to: unanticipated difficulties or expenditures relating to the
transaction, including, without limitation, difficulties that
result in the failure to realize expected synergies, efficiencies
and cost savings from the transaction within the expected time
period (if at all); general business and economic conditions; our
reliance on the North American repair and remodel and new home
construction activity levels; our reliance on key customers and
suppliers; our ability to maintain our strong brands and to develop
innovative products while maintaining our competitive positions;
our ability to improve organizational productivity and global
supply chain efficiency; our ability to obtain raw materials and
finished goods in a timely and cost-effective manner; the impact of
sustained inflation, including global commodity and energy
availability and price volatility; the impact of trade-related
tariffs and risks with uncertain trade environments or changes in
government and industry regulatory standards; our ability to
attract and retain qualified personnel and other labor constraints;
the uncertainties relating to the impact of COVID-19 on the
Company’s business and results; our ability to achieve the
anticipated benefits of our strategic initiatives; our ability to
successfully execute our acquisition strategy and integrate
businesses that we have and may acquire; and the other factors
discussed in our securities filings, including in Item 1A of our
Annual Report on Form 10-K for the year ended December 31, 2022,
filed with the Securities and Exchange Commission. The
forward-looking statements included in this release are made as of
the date hereof, and except as required by law, we undertake no
obligation to update, amend or clarify any forward-looking
statements to reflect events, new information or circumstances
occurring after the date of this release.
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