Kwikset, Baldwin Parent Company Acquired by Swedish Firm
STOCKHOLM — ASSA ABLOY, the Stockholm-based manufacturer of access solutions, has signed a definitive agreement to acquire the Hardware and Home Improvement (HHI) division of Spectrum Brands, a major supplier of security, plumbing and hardware products to the North American residential construction market, the companies announced.
HHI, headquartered in Lake Forest, CA, manufactures a product line that includes locksets, faucets and builders’ hardware, supplied through home improvement centers, wholesale distributors, home builders, online retail channels and home-automation providers. Brands include Kwikset, Baldwin Hardware, Weiser, Pfister and National Hardware.
“HHI is an excellent addition to the ASSA ABLOY Group and constitutes an important strategic step in developing our residential business in North America,” said Nico Delvaux, president and CEO of ASSA ABLOY. “This acquisition advances our strategy to strengthen our position by adding complementary products to the core business and it will further accelerate the transformation from mechanical to digital solutions.”
The transaction is expected to close during the fourth quarter of 2021, corporate officials said, adding that HHI will become part of the ASSA ABLOY’s Opening Solutions Americas Division.
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Cabinet Sales Post Gains Through August, KCMA Reports
RESTON, VA — Major domestic kitchen cabinet and vanity manufacturers continued to post sales gains through the first eight months of 2021, according to the latest in a series of monthly surveys by the Kitchen Cabinet Manufacturers Association.
The KCMA’s latest “Trend of Business Survey” reflected a year-to-date sales increase of 16.9% through August, compared to the same eight-month period in 2020. Custom cabinet sales through the first eight months were reported up 20.4% over the same period last year, while semi-custom sales rose 14.9% and sales of stock cabinets gained 17.6%, the Reston, VA-based KCMA said. August sales were up 8.0% compared to the same month the prior year, the association added.
Survey participants include stock, semi-custom and custom companies whose combined sales represent approximately 75% of the U.S. kitchen cabinet and bath vanity market, according to the KCMA.
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