"I am very pleased that Nassau is joining the Assa Abloy Group. I welcome this addition that further reinforces the Assa Abloy Group’s leadership in entrance automation, where our sales have grown from SEK 3 billion in 2008 to SEK 18 billion in 2015”, says Johan Molin, President and CEO of Assa Abloy.

"Nassau has a good foothold in a number of European markets and brings additional competence in sectional doors and service. I welcome the Nassau team to actively participate in our exciting journey”, says Juan Vargues, Executive Vice President of Assa Abloy and Head of Division Entrance Systems.

Nassau was established in 1970 and has some 360 employees. The company is headquartered in Ringe, Denmark.

Sales for 2016 are expected to reach DKK 440 M (approx. SEK 540 million). The acquisition will be neutral to EPS from start.

The transaction is subject to regulatory approval and is expected to close during Q3 2016.