Fortune Brands Home & Security Inc., an industry-leading home and security products company, announced it has entered into a definitive agreement to acquire the Emtek and Schaub premium and luxury door and cabinet hardware business and the U.S. and Canadian Yale and August residential smart home locks business from ASSA ABLOY Inc. for a purchase price of $800 million, or approximately $700 million net of tax benefits.

“This acquisition is perfectly aligned to our strategy as a brand, innovation and channel leader ...  Emtek and Schaub allow us to enter a branded, growing and highly profitable category in a leadership position, where we can accelerate innovation and leverage our channel and consumer insights to create significant value over time,” said Fortune Brands Chief Executive Officer Nicholas Fink. “This transaction is consistent with Fortune Brands’ disciplined approach to value-creating acquisitions.”