Brief: Fortune Brands To Proceed With Acquisition Of Emtek And Schaub Premium Hardware Brands And The U.S. And Canadian Yale And August Residential Smart Lock Brands From Assa Abloy

Fortune Brands Innovations

06/05/2023 01:07

May 5 (Reuters) - Fortune Brands Innovations Inc
 FBIN.N :
    * FORTUNE BRANDS TO PROCEED WITH ACQUISITION OF EMTEK AND
SCHAUB
PREMIUM HARDWARE BRANDS AND THE U.S. AND CANADIAN YALE AND
AUGUST RESIDENTIAL SMART LOCK BRANDS FROM ASSA ABLOY
    * ACQUISITION EXPECTED TO BE $0.02 TO $0.04 ACCRETIVE TO
2023 EPS
    * ACQUISITION WILL GENERATE $500 MILLION TO $550 MILLION OF
SALES
AND $0.45 TO $0.55 OF EPS IN THIRD FULL YEAR
    * FORTUNE BRANDS INNOVATIONS-ACQUISITION PURCHASE PRICE IS
$800
MILLION, OR ABOUT $700 MILLION NET OF TAX BENEFITS, ON A
CASH-FREE, DEBT-FREE BASIS
    * CO EXPECTS TO RECEIVE TAX BENEFITS OVER A 15-YEAR PERIOD
WITH A
NET PRESENT VALUE OF ABOUT $100 MILLION

Source text for Eikon:  ID:nBw9vrfbja 
Further company coverage:  FBIN.N 

 ((Reuters.Briefs@thomsonreuters.com;))