SecurityWorldMarket

12/05/2018

Assa Abloy makes acquisitions in US and Mexico

Stockholm, Sweden

Assa Abloy has confirmed two new acquisitions this week.  Firstly, the company has signed an agreement to acquire Pioneer Industries, a supplier of steel doors and frames for commercial applications in the US, and it has also acquired Brüken, a leading Mexican player in glass and aluminium hardware.

Nico Delvaux, President and CEO of Assa Abloy commented on the Pioneer deal. "I am very pleased to welcome Pioneer Industries into the Assa Abloy Group. Pioneer Industries is a complementary addition to ASSA ABLOY. The company reinforces our strong position in North America and is an additional opportunity to provide a complete range of products for total door opening solutions.

"The addition of Pioneer allows us to fortify our steel door and frame offering in the US and in particular the Atlantic region," added Lucas Boselli, Executive Vice President of Assa Abloy and Head of the Americas Division.

Pioneer Industries was founded in 1930 and has approximately 100 employees. The head office and factory are located in Carlstadt, New Jersey. Sales for 2018 are expected to reach about USD 22 million (approx. SEK 180 million) with a good EBIT margin. The acquisition will be accretive to EPS from the start. The acquisition is conditional upon satisfaction of customary closing conditions and is expected to close during the second quarter of 2018.

On the Bruken acquisition in Mexico, Nico Devlaux said, "I am very pleased to welcome Brüken into the Assa Abloy Group. This constitutes an important next step in our strategy to grow market leadership in emerging markets.”

"The addition of Brüken broadens our offering in the Mexican market and provides a source to enter the glass and aluminium hardware market in other geographies in the region," commented Lucas Boselli.

Brüken was established in 2008 and has approximately 80 employees. The head office is located in Leon, Mexico. Sales for 2018 are expected to reach about MXN 570 million (approx. SEK 260 million) with a good EBIT margin and the acquisition will be accretive to EPS from start.


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