Tag: Smart Residential
ASSA ABLOY reaches settlement with U.S. Department of Justice
May 6, 2023Ken Showers, Managing Editor
WASHINGTON, D.C. – Global access solutions provider ASSA ABLOY has resolved its lawsuit with the U.S. Department of Justice (DoJ), paving the way forward for its acquisition of Spectrum Brands’ Hardware and Home Improvement division (“HHI”).
On May 5 the company reached a settlement with the DoJ that will see ASSA ABLOY move forward with its divestment of Emtek and the Smart Residential business in the U.S. and Canada to Fortune Brands. At the time ASSA...
ASSA ABLOY delivers positive Q1 results in midst of trial proceedings
April 28, 2023Ken Showers, Managing Editor
WASHINGTON, D.C. – All signs pointed to a positive first quarter for lock maker and access solutions provider ASSA ABLOY despite a lawsuit looming over proceedings.
On April 26 the company held its quarterly earnings call for investors where it presented some strong numbers for growth including net sales increase of 22 percent to SEK 32,391 M (26,591), with organic growth of 8 percent (14) and acquired net growth of 5 percent. President and CEO Nico Delvaux attributed...
Janam Technologies acquired by ASSA ABLOY
December 27, 2022SSN Staff
STOCKHOLM – The U.S.-based Janam, a provider of handheld mobile computer and readers, has been acquired by ASSA ABLOY. Terms were not disclosed.
The announcement made on Dec. 27 will enhance the company's Home Improvement Division’s (HID) event access portfolio, ASSA ABLOY said, and will now include handheld readers for ticket scanning using barcode and RFID technology, including NFC.
"We welcome Janam to the HID family and look forward to leveraging their mobile...
ASSA ABLOY completes sale of Emtek and Smart Residential toward HHI acquisition
December 2, 2022SSN Staff
YARMOUTH, Maine – On Dec. 2 ASSA ABLOY announced that it has entered into binding agreements with Fortune Brands Home & Security with regard to the sale of its Emtek and Smart Residential businesses.
Following ASSA ABLOY’s bid to acquire Spectrum Brands HHI (Home and Hardware Improvement) division, the U.S. Department of Justice (DoJ) filed an antitrust lawsuit to block it on Sept. 15, 2022. As part of efforts to clear a path for the acquisition ASSA ABLOY moved to divest...
Assa Abloy shows growth in Q3, commits to HHI acquisition
October 28, 2022Ken Showers, Managing Editor
STOCKHOLM – This week lock maker and security giant Assa Abloy presented its Q3 financial results, with strong growth despite signs of a market slowdown.
The conference call opened with remarks from Assa Abloy President, CEO & Head, Global Technologies Division Nico Delvaux. The company experienced an organic sales growth of 14 percent which Delvaux credited to Entrance Systems and the America’s contributions, as well as Global Technologies. Net sales have increased 33 percent with...
ASSA ABLOY issues official response to U.S. Department of Justice
October 17, 2022Ken Showers, Managing Editor
WASHINGTON – Following a complaint filed by the U.S. Department of Justice (DoJ) blocking ASSA ABLOY's acquisition of Spectrum Brands' Holding Hardware and Home Improvement division, the company issued its response to the DoJ on Oct. 14, 2022.
ASSA ABLOY confirmed that it has initiated the sales process for Emtek Products and their Smart Residential (Yale) business in the U.S. and Canada. ASSA ABLOY said that it is “vigorously contesting”...