"HID's CID business has proven capabilities in delivering secure identity solutions, which accelerates the expansion of Toppan's global operations," said Jean-Pierre Ting, President of Toppan Gravity. "The combination of our experienced teams, shared cultural values, strong track records and complementary technology will create a formidable force in the global government identity sector."
"I find it very satisfying that with Toppan, Citizen ID and its employees and customers get a committed long-term owner, creating new opportunities for the future and I wish them every success,” says Nico Delvaux, President and CEO of Assa Abloy.
“Over the past decade, our team has created a highly reputable offering of physical and digital citizen identity solutions,” said Björn Lidefelt, EVP and Head of HID.
“I am pleased with the improved performance of our Citizen ID business, appreciative of our employees’ contributions to HID and enthusiastic about their future success with Toppan.”
The transaction will have a positive effect on Assa Abloy´s operating margin going forward. The capital result before taxes is expected to be insignificant.
The transaction is subject to customary closing conditions, regulatory approvals, and employee consultation and is expected to close during the first quarter of 2025.