Assa Abloy: acquires Indian firm for undisclosed amount.
(CercleFinance.com) - Swedish lock maker Assa Abloy said on Wednesday that it has acquired India's Shree Mahavir Metalcraft (SMI), a manufacturer of architectural hardware, for an undisclosed amount.
The company said the deal delivers on its strategy to grow presence in emerging markets, while enhancing the development of specific competitive products.
Established in 1984, SMI is headquartered in Jamnagar, on the west coast of India, and has about 960 employees. With sales expected to reach around 15 million euros in 2017, the acquisition should be accretive from the start.
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