Home > News > Industry News > Assa Abloy Acquires Albany Door Systems

Assa Abloy Acquires Albany Door Systems

Post Time:Nov 02,2011Classify:Industry NewsView:271

 Assa Abloy in Sweden has entered into an agreement to acquire Albany Door Systems in Lawrenceville, Ga.

 

Albany Door Systems products are extensively used in applications like industrial and logistical fast access, fast specialty and secure access doors. In addition Albany has a large direct service operation on its core markets. Major manufacturing sites are located in the U.S., Germany and China.

 

“Albany Door Systems is another strategic step and a perfect fit to our expansion into entrance automation,” said Johan Molin, president and CEO of Assa Abloy. “I welcome this addition that further reinforces the Assa Abloy Group’s leadership in entrance automation. In less than three years we have grown from SEK 3 B to an expected SEK 11 B in 2012.”

 

“I gladly welcome the employees of Albany Door Systems to Assa Abloy,” said Juan Vargues, executive vice president of Assa Abloy and head of entrance systems division. “Their know-how is an excellent fit with our industrial door operation, key accounts and service offerings.”

 

Albany Door Systems is a division of the listed U.S. company Albany International Corp., and has 700 employees. Sales 2011 is expected to reach $180 million (SEK 1,100 M) with a good EBIT margin.

 

The integration of Albany Door Systems will start in 2012 and the integration cost is estimated to SEK 150 M.

 

The transaction is subject to regulatory approval and is expected to close during Q1 2012.

 

The acquisition will be accretive to EPS from start.

 

Source: http://www.usgnn.comAuthor: shangyi

Related News

Hot News

返回顶部