8 Dec 2006

Pilot heads for new targets

Veckans Affärer, 12/7/2006

Johan Molin, CEO of ASSA ABLOY, has bought shares in the company, as did former ASSA ABLOY CEO, Carl-Henric Svanberg. So far, he has purchased shares for SEK65 million. Johan Molin borrowed the money in order to make the purchases, but said he would still survive if the market fell. He hasn't made any money yet as the current share price is the same price today as it was when he bought them, but he is not concerned.

"I think it was a wise decision, because in my view, this company has a lot of potential. Also, I believe that shareholders think it is a good thing that I also own shares in the company," said Johan Molin.

Johan Molin is constantly being compared to his predecessors. His immediate predecessor, Bo Dankis, said that there would be fewer factories in the future than the 80 that existed during his tenure, but that downsizing never occurred. Today, ASSA ABLOY has about 100 factories, but Johan Molin is a bit vague about their future. He said that he has a number in his head, but doesn't want to reveal it. The target is not fixed and is dependent upon how many acquisitions we make, he said. In two years time, ASSA ABLOY will be a regular engineering industry, with a turnover of SEK1 million per employee, said Johan Molin.

(Copyright Observer Sverige AB)