05/11/2011
Assa Abloy acquires Albany Door Systems
Stockholm, Sweden and Lawrenceville, Ga (USA)
"Albany Door Systems is another strategic step and a perfect fit to our expansion into entrance automation. I welcome this addition that further reinforces the Assa Abloy Group's leadership in entrance automation. In less than three years we have grown from 3 billion SEK to an expected 11 billion SEK in 2012", commented Johan Molin, President and CEO of Assa Abloy.
"I gladly welcome the employees of Albany Door Systems to Assa Abloy. Their know-how is an excellent fit with our industrial door operation, key accounts and service offerings. Their global reach and their strong product range is a powerful addition to our current offering in entrance automation", commented Juan Vargues, Executive Vice President of Assa Abloy and Head of Division Entrance Systems.
Albany Door Systems is a division of the listed US company Albany International Corp. Albany Door Systems is headquartered in Lawrenceville, Georgia (US) and has 700 employees. Sales 2011 is expected to reach USD 180 M (SEK 1,100 M) with a good EBIT margin.
The integration of Albany Door Systems will start in 2012 and the integration cost is estimated to SEK 150 M. The transaction is subject to regulatory approval and is expected to close during Q1 2012. The acquisition will be accretive to EPS from start.