Press release
ASSA ABLOY acquires US company with a leading position in aluminum door hardware
Adams Rite designs and manufactures mechanical and electrical security products. The Company has a strong brand and product offering in the aluminum door channels that are complementary to ASSA ABLOY.
The Company is headquartered in Pomona, California where it has both its corporate headquarters and main operating facility, which focuses on assembly. In the UK the Company is a leading distributor of mechanical and electrical security products for commercial aluminum doors.
According to ASSA ABLOY Americas Division President, Thanasis Molokotos, "Adams Rite is an exciting addition to the ASSA ABLOY family with excellent management and a well deserved reputation for quality and innovation."
The President/CEO of Adams Rite, Dick Kreidel, said, "ASSA ABLOY is an ideal fit culturally, philosophically and in their core business values."
Annual sales amount to approximately USD 50 M with a good EBIT-margin and the acquisition is expected to be accretive to EPS from the date of acquisition. The Company has approximately 300 employees. The acquisition is subject to regulatory approval.
Johan Molin, President and CEO, Tel: +46 8 506 485 42
Göran Jansson, Deputy CEO and CFO, Tel: +46 8 506 485 72
Martin Hamner, Director of Investor Relations and Group Controller, Tel: + 46 8 506 485 79
ASSA ABLOY AB (publ) <br>P.O. Box 70340, SE-107 23 Stockholm <br>Phone: +46-8-506 485 00 <br>Fax: +46-8-506 485 85 <br>www.assaabloy.com <br><br>ASSA ABLOY is the world's leading manufacturer and supplier of locking solutions, meeting tough end-user demands for safety, security and user friendliness. The Group has some 30,000 employees and annual sales of about EUR 3 billion.