Press release
ASSA ABLOY acquires leading UK manufacturer of high security steel doors
ASSA ABLOY has acquired Powershield Doors, a leading manufacturer of high security steel doors. The Company is based in Northern Ireland and it employs 90 people.
Powershield Doors designs, manufactures and installs customised fire resistant, personnel access and high security steel doors. The doors are installed in commercial, industrial and public sector applications.
Tzachi Wiesenfeld, Head of the EMEA Division and Executive Vice President of the ASSA ABLOY Group says: "Powershield is an exciting addition to the group. Through this acquisition, the EMEA Division reinforces its position as the leader in door-opening solutions. Powershield adds to our specification strength, as it would allow us to offer a complete product range, including locks, hardware, electomechanics and high security doors."
Powershield is expected to reach a turnover of GBP 10M in 2008. Powershield will be consolidated as of Dec 1st 2007 and this acquisition is expected to be EPS accretive from the start.
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
ASSA ABLOY may be required to disclose the information provided herein pursuant to the Securities Markets Act. The information was submitted for publication at 11.00 CET on December 3, 2007.