"I am very pleased to welcome Odis into the Assa Abloy Group. Odis constitutes another important step in our strategy to grow market presence in Chile and other emerging markets,” says Johan Molin, President and CEO of Assa Abloy.

"Odis is a very exciting addition to the Americas division. This acquisition will enhance our ability to serve our customers in the Chilean market and allows us to offer a total door opening solution in the market," says Thanasis Molokotos, Executive Vice President of Assa Abloy and Head of the Americas Division.

Odis, established in 1930, is headquartered in Santiago, Chile and has 240 employees.

Sales for 2015 are expected to reach CLP 9.9 bn (approx SEK 120 M). The acquisition will be accretive to EPS from start. The transaction is expected to close during Q4 2014.