"I am very pleased to welcome Lawrence and Gallery into the Assa Abloy Group. This acquisition delivers on our strategy to strengthen our position in mature markets through adding complementary products and solutions to our core business,” says Nico Delvaux, President and CEO of Assa Abloy.

"Lawrence and Gallery are well-known, respected brands in Canada and I’m excited for them to become part of Assa Abloy,” says Lucas Boselli, Executive Vice President of Assa Abloy and Head of the Americas Division. “This acquisition supports our growth ambitions and commitment to the Canadian market by further strengthening our core business and expanding our product portfolio.”

Lawrence Hardware was founded in 1876 and Gallery Specialty in 1989, together employing some 50 employees. The main office and factory are located in Toronto, Canada.

Sales for 2022 amounted to about MCAD 25 (approx. MSEK 200) with a good EBIT margin. The acquisition will be accretive to EPS from the start.