Spectrum Brands Files Answer t
Spectrum Brands Holdings, Inc. (NYSE: SPB, “Spectrum Brands” or the “Company”), one of the world’s leading branded consumer products and home essentials companies, today filed its response to the US Department of Justice’s (“DOJ”) lawsuit 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 closing the transaction and are confident that they will prevail in the event of litigation.
Contrary to the DOJ’s inaccurate position, post-closing, competition in the home security market will be enhanced as HHI will be uniquely positioned to better serve customers with more innovative products and customers will have more choice of products among competitors.
Prior to the lawsuit, the Company and ASSA ABLOY had made numerous proposals to address the DOJ’s alleged antitrust concerns – each of which was rejected without valid merit – and ASSA ABLOY initiated a sale process to divest certain businesses in order to fully resolve any alleged competition. concerns surrounding the acquisition of HHI.
The DOJ is wrong to say that the transaction – before taking into account the proposed divestments – would violate antitrust laws. With the proposed divestments contemplated, there is no basis in law or in fact for the DOJ’s baseless claims. “Essentially, the government is trying to circumvent decades of established practice and jurisprudence on mergers,” Spectrum Brands said in its response filed in federal court.
The Company looks forward to his court appearance and is confident that the court will consider the merits of the transaction, including the proposed assignment, and will agree that the DOJ complaint should be dismissed.
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 herein, without limitation, statements or expectations regarding the HHI transaction, the related lawsuit and the outlook thereof are statements prospective. When used in this document, the words future, anticipate, seek, intend, plan, consider, estimate, believe, believe, expect, project, forecast, outlook, goal, objective, target, might , would, will, may, should, may and similar expressions are also intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Because these forward-looking statements are based on 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, the results or actual results may differ materially. of those expressed or implied herein, and you should not place undue reliance on such statements. Except as required by applicable law, including United States securities laws 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 statements, 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 life better at home. We are focused 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 Appliances. Helping to meet the needs of consumers around the world, Spectrum Brands offers a broad portfolio of market-leading, well-known and widely recognized brands, including Tetra®Dream Bone®SmartBones®miracle of nature®8 in 1®FURminator®Healthy-Hide®Good boy®meow!®OmegaOne®Spectracide®Cutter®Repel®hot shot®Rejuvenate®black flag®liquid fence®Remington®george forman®Russell Hobbs®Black+Decker®Power XL®Emeril Legasse®and Copper Cook®. For more information, please visit www.spectrumbrands.com. Spectrum Brands – A Home Essentials Company™.
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