2 Nov 2010
ASSA ABLOY acquires Swedish locksmith Swesafe
ASSA ABLOY has signed an
agreement to acquire Swesafe, the largest locksmith in
Sweden.
"I welcome that Swesafe is joining the ASSA ABLOY
Group. They are an important step in the Group's desire to further
develop the Swedish market within the fast growing
electromechanical segment," says Johan Molin, President and CEO of
ASSA ABLOY.
"By owning the largest locksmith business in
Sweden, we will be able to facilitate the development of the
locksmith and security installer industry to become more project
oriented, focusing on the offering of electronic products and
service concepts. Furthermore, it will give us a better
understanding of our end users needs," says Tzachi Wiesenfeld,
Executive Vice President of ASSA ABLOY, and Head of the EMEA
division
Swesafe will be run as a completely separate unit
within ASSA ABLOY Scandinavia and Göran Burenstam Linder will
continue as Managing Director. Swesafe will become a sister company
to both ASSA AB and Copiax AB.
2010 sales is expected to reach SEK 430 M, equally
split between mechanical and electromechanical products. Swesafe
has 24 branches and 313 employees. The acquisition will be slightly
accretive to earnings per share from start.
The acquisition is subject to regulatory
approval.
For more information, please
contact:
Johan Molin, President and CEO, tel no: +46 8 506 485 42
Tomas Eliasson, CFO and Executive Vice President, tel no: +46 8 506
485 72
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