Spectrum Brands Holdings acquired Residential lockset business of Tong Lung Metal Industry Co. Ltd. for $100,000,000, a transaction completed in April 2013, structured as All-cash acquisition (portion of the HHI transaction released from escrow).
Residential lockset business of Tong Lung Metal Industry Co. Ltd. operates in Hardware & Home Improvement, is based in Taiwan and the Philippines. Spectrum Brands completed the acquisition of the residential lockset business of Tong Lung Metal Industry Co. Ltd., a Taiwanese manufacturer of residential and commercial locksets and related hardware, as the final piece of its HHI purchase from Stanley Black & Decker. The purchase includes the Tong Lung name, a major residential lockset plant in Subic Bay, Philippines, and sales, R&D and engineering operations in Taiwan; products are sold predominantly under the EZSET brand. The Tong Lung residential business had roughly $48 million in sales for the twelve months ended December 31, 2011 (excluding sales to HHI); the commercial lockset business remained with Stanley Black & Decker.
Diversified and vertically integrated HHI's supply chain, expanded low-cost manufacturing capacity for tubular, electronic, mortise and cylindrical locksets, and provided established Asian and Latin American distribution channels plus in-house engineering and R&D to accelerate HHI's global growth.
Advisory firms were not disclosed for this transaction.