"I am very pleased to welcome Jotec into the Assa Abloy Group. The acquisition of Jotec delivers on our strategy to reinforce our current offering within entrance automation,” says Nico Delvaux, President and CEO of Assa Abloy.

“Jotec has a strong offering, a well-developed service business, and a large customer base. I am pleased to welcome their experienced team to Assa Abloy and look forward to working with them as we continue our successful journey together,” says Massimo Grassi, Executive Vice President of Assa Abloy and Head of Entrance Systems Division.

Jotec was established in 1985 and has some 100 employees. The main office is located in Erkelenz, near Mönchengladbach, Germany. Sales for 2021 amounted to about MEUR 19 (approx. MSEK 200), and according to Assa Abloy the acquisition will be accretive to EPS from the start.

The acquisition is subject to regulatory approval and customary closing conditions and is expected to close during the second quarter of 2022.