SecurityWorldMarket

07/09/2020

Assa Abloy finalises sale to FAAC to meet EU commission requirements

Stockholm, Sweden

Assa Abloy has closed the sale to Italy based FAAC Group of certain Agta Record and Assa Abloy businesses, as part of the commitments to address the competition concerns of the EU Commission in connection with the acquisition of the Swiss company Agta Record.

The divested business includes the Agta Record operations in the Netherlands, Austria, Hungary and Slovenia, as well as the Assa Abloy automatic pedestrian door business in France and the UK. In addition, Agta Record´s high-speed door business located mainly in France is also included.

According to Assa Abloy, the divested business had a turnover in 2019 of approximately MEUR 93, representing about 20% of total initial added revenue. The selling price for the Divestiture is MEUR 100 on a cash and debt free basis.

The Divestiture will be de-consolidated from Assa Abloy as of August 31, 2020.


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