Spectrum Brands Files Answer to the DOJ’s Complaint to Block the Sale of its Hardware and Home Improvement Division to ASSA ABLOY
October 14 2022 - 4:18PM
Business Wire
Spectrum Brands Holdings, Inc. (NYSE: SPB, “Spectrum Brands” or
the “Company”), a leading global branded consumer products and home
essentials company, today filed its answer to the lawsuit filed by
the U.S. Department of Justice (“DOJ”) seeking to block the
Company’s sale of its Hardware and Home Improvement (“HHI”) segment
to ASSA ABLOY. Spectrum Brands and ASSA ABLOY are committed to
completing the transaction and are confident that they will prevail
in litigation.
Contrary to the DOJ’s inaccurate position, following the closing
of the transaction competition in the residential security market
will be enhanced, as HHI will be ideally positioned to better serve
customers with more innovative products and customers will have
more product choice across competitors.
Prior to the lawsuit, the Company and ASSA ABLOY had made
numerous proposals to address the DOJ’s purported antitrust
concerns—each of which were rejected without a valid basis—and ASSA
ABLOY has initiated a sales process to divest certain businesses to
fully resolve any alleged competitive concerns surrounding the
acquisition of HHI.
The DOJ is incorrect that the transaction—before taking into
account the proposed divestitures—would violate antitrust laws.
With the proposed divestitures considered, there is no basis in law
or in fact for the DOJ’s meritless claims. “In essence, the
Government is attempting to circumvent decades of established
practice and merger case law precedent,” Spectrum Brands said in
its answer filed in federal court.
The Company is looking forward to its day in court and is
confident that the court will review the merits of the
transaction—including the proposed divestiture—and agree that the
DOJ’s complaint should be rejected.
Forward-Looking Statements
We have made, implied or incorporated by reference certain
forward-looking statements in this press release. All statements,
other than statements of historical facts included or incorporated
by reference in this document, without limitation, statements or
expectations regarding the HHI transaction, the related lawsuit and
the prospects thereof are forward-looking statements. When used in
this document, the words future, anticipate, seeks, intend, plan,
envision, estimate, believe, belief, expect, project, forecast,
outlook, goal, objective, target, could, would, will, can, should,
may and similar expressions are also intended to identify
forward-looking statements, although not all forward-looking
statements contain such identifying words. Since these
forward-looking statements are based upon our current expectations
of future events and projections and are subject to a number of
risks and uncertainties, many of which are beyond our control and
some of which may change rapidly, actual results or outcomes may
differ materially from those expressed or implied herein, and you
should not place undue reliance on these statements. Except as
required by applicable law, including the securities laws of the
United States and the rules and regulations of the United States
Securities and Exchange Commission, we undertake no obligation to
publicly update or revise any forward-looking statement, whether as
a result of new information, future events or otherwise, to reflect
actual results or changes in factors or assumptions affecting such
forward-looking statements.
About Spectrum Brands Holdings, Inc.
Spectrum Brands Holdings is a home-essentials company with a
mission to make living better at home. We focus on delivering
innovative products and solutions to consumers for use in and
around the home through our trusted brands. We are a leading
supplier of specialty pet supplies, lawn and garden and home pest
control products, personal insect repellents, shaving and grooming
products, personal care products, and small household appliances.
Helping to meet the needs of consumers worldwide, Spectrum Brands
offers a broad portfolio of market-leading, well-known and widely
trusted brands including Tetra®, DreamBone®, SmartBones®, Nature’s
Miracle®, 8-in-1®, FURminator®, Healthy-Hide®, Good Boy®, Meowee!®,
OmegaOne®, Spectracide®, Cutter®, Repel®, Hot Shot®, Rejuvenate®,
Black Flag®, Liquid Fence®, Remington®, George Foreman®, Russell
Hobbs®, Black+Decker®, PowerXL®, Emeril Legasse®, and Copper Chef®.
For more information, please visit www.spectrumbrands.com. Spectrum
Brands – A Home Essentials Company™.
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version on businesswire.com: https://www.businesswire.com/news/home/20221014005287/en/
Investor/Media Contact: Faisal Qadir, 608-278-6207
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