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Spectrum Brands Holdings Inc Completes Acquisition of Residential Lockset Business of Tong Lung Metal Industry Co. Ltd


Monday, 8 Apr 2013 04:00pm EDT 

Spectrum Brands Holdings Inc announced that it has completed the acquisition of the residential lockset business of Tong Lung Metal Industry Co. Ltd. (Tong Lung), a Taiwanese manufacturer of residential and commercial locksets and related hardware, in connection with Spectrum Brands` accretive cash purchase of the Hardware & Home Improvement Group (HHI) of Stanley Black & Decker Inc on December 17, 2012. The commercial lockset business of Tong Lung will remain with Stanley Black & Decker. A total of $100 million of the $1.4 billion HHI purchase price had been held in escrow until the closing of the Tong Lung portion of the HHI acquisition. The purchase includes the Tong Lung Metal Industry Co. Ltd. name, a major residential lockset manufacturing plant in Subic Bay, Philippines and sales, R&D and engineering operations for tooling and new product development in Taiwan. For the 12 months ended December 31, 2011, the Tong Lung residential business had sales of approximately $48 million, excluding sales to HHI. Tong Lung`s residential OEM and branded lockset sales are primarily to customers in North America, Asia and Latin America. Tong Lung branded products are predominantly sold under its EZSET brand. 

Company Quote

86.64
0.52 +0.60%
1:22pm EDT