Annual report 2021

"Demand gradually strengthened in 2021, after a very challenging 2020 due to the outbreak of the pandemic. While the market conditions improved, significantly higher material costs, material shortages and logistical challenges put pressure on our operations.

These challenges were addressed thanks to strong execution by our experienced and decentralized operational teams, and we can put a year behind us in which we report strong organic growth and operating profit improvements.

During the year, we increased the focus on growth-accelerating initiatives. We also announced the acquisition of the Hardware and Home Improvement business unit of Spectrum Brands, which will enable ASSA ABLOY to expand into the residential segment in North America."