Fortune Brands to Proceed with Acquisition of Emtek and Schaub Premium Hardware Brands and the U.S. and Canadian Yale and August Residential Smart Lock Brands from ASSA ABLOY

Fortune Brands Innovations, Inc. (NYSE: FBIN or “Fortune Brands” or the “Company”), an industry-leading home, security and commercial building products company, today announced that it will proceed with 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 home locks business (collectively the “Business”) from ASSA ABLOY, Inc. (a subsidiary of ASSA ABLOY AB) (collectively, the “Acquisition”).

The Acquisition agreement, which was first announced on December 1, 2022, was conditioned on the successful resolution of litigation among the Department of Justice, ASSA ABLOY, Inc. and Spectrum Brands, Inc. Today, the Department of Justice, ASSA ABLOY, Spectrum Brands and Fortune Brands resolved the lawsuit, which awaits final statutorily required approval from the Court overseeing the matter, which is expected to be received in short order. With the lawsuit settled, this allows Fortune Brands to proceed with the Acquisition.

“I am excited for Fortune Brands to proceed with the acquisition of the Emtek, Schaub, Yale and August brands. Our company is a great home for these world-class brands; we see many opportunities to build them within our portfolio,” said Fortune Brands Chief Executive Officer Nicholas Fink. “Together with our existing iconic brands, loyal channel relationships, and supply chain expertise, we believe this acquisition will result in enhanced, innovative products for consumers and customers. This meaningful transaction is consistent with Fortune Brands’ disciplined approach to value-creating acquisitions and our larger growth strategy.”

The Business is comprised of leading brands in the fast-growing residential smart lock and the highly profitable and growing premium and luxury hardware categories.

Yale and August will add scale and breadth to Fortune Brands’ complementary security and connected smart home portfolio in the U.S. and Canada, helping the Company to grow in the highly attractive connected products space. Yale and August will also bring strong innovation, digital capabilities and significant engineering expertise to Fortune Brands, augmenting its already powerful connected security portfolio.