3 May 2010
ASSA ABLOY acquires King Door Closers, Korea's leading door closer company
ASSA ABLOY has signed an
agreement to acquire King Door Closers, Korea's leading
manufacturer of door closers and floor springs.
King has a comprehensive range of basic and certified commercial
and residential door closers as well as a complete range of floor
springs. The product offering has given King a very strong presence
within the strategically important commercial and residential
specification market.
"This is another important step for the Group in it's strive
to enlarge its presence within the emerging markets. King adds
apart from market leadership in Korea also important export
customers mainly in other parts of the Middle east and the Asian
region," says Johan Molin, President and CEO of ASSA ABLOY.
"King will further strengthen ASSA ABLOYs leading position in
Korea and in the Asia Pacific region. Market and product synergies
are imminent and we welcome King to our Group," says Jonas Persson,
Executive Vice President of ASSA ABLOY and Head of Asia Pacific
division.
King Door Closers was established in 1976, with manufacturing and
headquarter in Seoul, Korea and has some 300 employees.
Sales is expected to reach KRW 47 Bn (approx SEK 300 M) in 2010
with an export share of 25 percent and a good EBIT margin. 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
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