"I am very pleased to welcome Olimpia into the Assa Abloy Group. This constitutes an important next step in our strategy to grow market leadership in emerging markets,” says Nico Delvaux, President and CEO of Assa Abloy.

"The addition of Olimpia complements our business in Latin America, further supporting the growing trend of openings utilising glass and aluminum products," says Lucas Boselli, Executive Vice President of Assa Abloy and Head of the Americas Division.

Olimpia was established in 1999 and serves Latin America and the Caribbean. Assa Abloy will continue to sell Olimpia branded products across the region.

Sales for 2019 amounted to about 13 MUSD (approx. 125 MSEK) with a good EBIT margin. The acquisition will be accretive to EPS from start.