However, a deal was reached last month to settle the litigation, with Assa Abloy agreeing to divestments in order clear the HHI buy. HHI reported sales of $1.65 billion in the fiscal year ending September 2022, with an adjusted earnings before interest, taxes, depreciation and amortization margin of 15.6%. The Emtek and smart residential business in the U.S. and Canada divested to Fortune Brands represented sales of about $400 million in 2022. Assa Abloy said the preliminary divestment result, net of exit costs and before taxes, is estimated to be about $300 million. In a separate announcement, the company said it will book a 2.2 billion Swedish kronor ($203.9 million) impairment of goodwill and other intangible assets in the second quarter of 2023, primarily related to its Citizen ID business.

Source: Wall Street Journal June 21, 2023 13:28 UTC