ASSA ABLOY acquires European Security Hardware Business from Black & Decker

18 Mar 2003

ASSA ABLOY has entered into an agreement with Black & Decker Inc to acquire their European Security Hardware Business. The acquisition will strengthen ASSA ABLOY's position in the region. The purchase price, on a debt free basis amounts to USD 108 M (EUR 98 M). After the restructuring currently in progress, the acquired business will be able to make a 10% EBIT margin. The acquisition will create goodwill amounting to approximately EUR 60 M, whereof a majority is tax-deductible. 
Black & Decker's European Security Hardware Business with a total of approximately 1,000 employees consists of three main companies in Germany, the Netherlands and Italy.
- Nemef in Apeldoorn, Netherlands produces and sells a full range of locks including cylinders.
- DOM in Bruhl, Germany manufactures cylinders. The company has subsidiaries in France and Switzerland and has branches in the Netherlands and the UK.
- Corbin in Bologna, Italy manufactures cylinders and sells padlocks and locks.
Nemef and DOM, founded in the beginning of the century, both have a large installed base of master key systems. Corbin was set up in the sixties, then as a part of Corbin Russwin in the USA, a company acquired by ASSA ABLOY in 2000.
The acquisition of Black & Decker's European Security Hardware Business is subject to regulatory approval and will be EPS neutral during 2003 and positive from 2004. 
Further information can be obtained from
Bo Dankis, President and CEO (as per 26th March), tel: + 46 8 506 485 42 or 46 70 394 85 42
Göran Jansson, Chief Financial Officer, tel: +46 8 506 485 72 or +46 70 698 85 72
Box 70340, SE 107 23 Stockholm
Tel: +46 8 506 485 00, Fax: + 46 8 506 485 85
The ASSA ABLOY Group is the world's leading manufacturer and supplier of locking solutions
dedicated to satisfying end-user needs for security, safety and convenience. The Group has about 30,000
employees and annual sales of approximately EUR 3 billion.