Spectrum Brands sells home improvement division for $4.3 billion

Middleton-based Spectrum Brands Holdings Inc. has agreed to sell its hardware and home improvement division to Swedish-headquartered Assa Abloy for $4.3 billion in cash, according to a Reuters report. Assa Abloy, the world’s biggest lock maker, expects operating earnings benefits from the deal to reach around $100 million in 2025. The deal is expected to close in the fourth quarter of 2021 and immediately add about 14% to Assa’s consolidated sales, which were $10.2 billion in 2020.