"It is with satisfaction that I welcome Cedes into the Assa Abloy Group. Cedes represents an important step in the strategy of adding more intelligence within entrance automation. Our entrance automation business has grown from SEK 3 billion in 2008 to more than SEK 18 billion proforma in 2015”, says Johan Molin, President and CEO of Assa Abloy.

"Cedes competence, experience and product offering in the sensor field is a strong addition to our current product portfolio and will lead to highly innovative and integrated solutions combining different technologies that will create new customer benefits. This is a strategic acquisition for Entrance Systems and I welcome the Cedes team to Assa Abloy”, says Juan Vargues, Executive Vice President of Assa Abloy and Head of Division Entrance Systems.

Cedes was established in 1986 and has some 340 employees. The company is headquartered in Landquart, Switzerland.

Cedes’s sales for 2016 are expected to reach CHF 60 million (approx. SEK 510 million) with a good EBIT margin. The acquisition will be accretive to EPS from start.

The transaction is expected to close during Q1 2016.