Assa Abloy: completes several divestments
(CercleFinance.com) - Swedish lock maker Assa Abloy said on Tuesday that it has closed the sale, to the Italian group FAAC, of some of its businesses as part of requirements from EU competition authorities for its acquisition of the Swiss company agta record.
The divested businesses include agta record's operations in the Netherlands, Austria, Hungary and Slovenia, as well as Assa's automatic pedestrian door business in France and the UK.
In addition, agta record's high-speed door business, which is mainly located in France, has also been sold.
These combined businesses had a revenues of approximately 93 million euros in 2019, representing about 20% of total initial added revenue. The divestments have been sold for about 100 million euros, on a cash and debt free basis.
The businesses will be de-consolidated from Assa Abloy as from 31 August.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The divested businesses include agta record's operations in the Netherlands, Austria, Hungary and Slovenia, as well as Assa's automatic pedestrian door business in France and the UK.
In addition, agta record's high-speed door business, which is mainly located in France, has also been sold.
These combined businesses had a revenues of approximately 93 million euros in 2019, representing about 20% of total initial added revenue. The divestments have been sold for about 100 million euros, on a cash and debt free basis.
The businesses will be de-consolidated from Assa Abloy as from 31 August.
Copyright (c) 2020 CercleFinance.com. All rights reserved.