ASSA ABLOY Acquires Lorient in the UK
17 December 2018
STOCKHOLM, Dec. 17, 2018 /PRNewswire/ --
ASSA ABLOY has acquired Lorient, a leading designer and manufacturer of high performance door sealing systems based in the UK with half of sales exported outside of the UK and EU.
"I am very pleased to welcome Lorient and their employees into the ASSA ABLOY Group. This acquisition delivers on our strategy to strengthen our position in the mature markets through adding complementary products and solutions to our core business," says Nico Delvaux, President and CEO of ASSA ABLOY.
"Lorient is a very attractive addition to the EMEA division thanks to its strong position in the UK fire protection market. It allows us to offer a comprehensive door sealing portfolio alongside innovative drop-down seals and finger protection solutions from Planet GDZ, which we acquired earlier this year in Switzerland," says Neil Vann, Executive Vice President of ASSA ABLOY and Head of the EMEA division.
Lorient was established in 1979 and has approximately 135 employees. The head office is located in Newton Abbot, Devon, UK.
Sales for 2018 are expected to reach about GBP 19 million (approx. SEK 220 million) with a good EBIT margin and the acquisition will be accretive to EPS from start.
About ASSA ABLOY
ASSA ABLOY is the global leader in door opening solutions, dedicated to satisfying end-user needs for security, safety and convenience. Since its formation in 1994, ASSA ABLOY has grown from a regional company into an international group with about 47,500 employees, operations in more than 70 countries and sales of SEK 76 billion. In the fast-growing electromechanical security segment, the Group has a leading position in areas such as access control, identification technology, entrance automation and hotel security.
For more information, please contact:
Nico Delvaux, President and CEO, tel. no: +46 8 506 485 82
Björn Tibell, Head of Investor Relations, tel. no: +46 70 275 67 68
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The following files are available for download:
Press release (PDF)
SOURCE ASSA ABLOY