STOCKHOLM, Nov. 15, 2019 /PRNewswire/ -- ASSA ABLOY has
signed an agreement to acquire AM Group, an Australian industrial
door company within entrance automation.
"I am very pleased to welcome AM Group and their employees into
the ASSA ABLOY Group. I welcome this complementary addition to our
business, specializing in innovative entrance automation," says
Nico Delvaux, President and CEO of
ASSA ABLOY.
"AM Group complements both our product offering and our
geographic coverage in Australia.
By adding their strong product portfolio, which includes rolling
steel doors and bi-fold doors, to ASSA ABLOY's commercial network,
technologies and competences, we will continue our successful
journey," says Mogens Jensen,
Executive Vice President of ASSA ABLOY and Head of Entrance Systems
Division.
AM Group was founded in Australia in 1923 and has 425 employees. The
head office is located in Sydney,
Australia.
Sales for 2019 are expected to reach about AUD 120 million
(approx. SEK 800 million) with a good
EBIT margin and the acquisition will be accretive to EPS from the
start.
The acquisition is subject to regulatory approval and customary
closing conditions and is expected to close during the first
quarter of 2020.
About ASSA ABLOY
The ASSA ABLOY Group is the global leader in access
solutions. The Group operates worldwide with 48,500 employees and
sales of SEK 84 billion. The Group
has leading positions in areas such as efficient door openings,
trusted identities and entrance automation. ASSA ABLOY's
innovations enable safe, secure and convenient access to physical
and digital places. Every day, we help billions of people
experience a more open world.
For more information, please contact:
Nico Delvaux, President and CEO,
tel. no: +46-8-506-485-82
Erik Pieder, CFO and Executive Vice President, tel. no:
+46-8-506-485-72
Björn Tibell, Head of Investor Relations,
tel. no: +46-70-275-67-68
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SOURCE ASSA ABLOY