28 May 2010
ASSA ABLOY acquires Paddock, the UK's leading multi-point lock manufacturer
ASSA ABLOY has signed an
agreement to acquire Paddock, a
leading UK manufacturer focusing on multipoint locks and
complementary accessories.
The company has an extensive distribution network
across the UK, which complements well ASSA ABLOY's existing Yale
multipoint lock business. Routes to market include direct sales to
residential OEMs and sales through wholesalers.
"This acquisition is part of our strategy to
expand our presence in the mature markets by adding complementary
lock products to our current portfolio. The UK is one of our
largest markets in Europe and very important for our continued
growth," says Johan Molin, President and CEO of ASSA ABLOY.
"Paddock is a great addition to ASSA ABLOY UK and
to the EMEA business as a whole. This is an important acquisition
which enhances our position in the fast growing multipoint lock
segment. Paddock has innovative products, impressive market
presence and a very experienced team. The addition of Paddock's
product portfolio will contribute significantly to our future
growth," says Tzachi Wiesenfeld, Executive Vice President of ASSA
ABLOY and Head of EMEA Division.
Paddock was established in 1978 and is based in
Walsall, north of Birmingham.
Sales is expected to reach GBP 30 M in 2010. The
acquisition is EPS accretive from start.
The acquisition is subject to regulatory
approval.
For more information, please contact:
Johan Molin, President and CEO, tel no: +46 8 506 485
42
Tomas Eliasson, CFO and Executive Vice President, tel no: +46 8
506 485 72
Back