ASSA ABLOY acquires the remaining shares in Lockwood, Australia
This option gave ASSA ABLOY the right, in the event of a change of ownership of EMAIL, to execute its right to acquire the remaining shares earlier. As a result of the change of ownership at EMAIL, ASSA ABLOY has now acquired the remaining 50 percent of Lockwood shares. The price of these outstanding shares equals the equity in Lockwood whereby no additional goodwill has been created.
Lockwood has developed very positively since the first tranche of shares were taken over at the beginning of 1999. A successful job has been carried out in order to create incremental cross-sales. New products such as cylinders, padlocks and panic bars have together with different companies in the Group been developed into local standards and subsequently successfully launched. Other steps to increase operational efficiency within the company are ahead of plan and will further enhance Lockwood's profitability moving forward.
For further information, please contact
Carl-Henric Svanberg, President & CEO, tel: +46-8-506 485 52 or +46-70-510 0551
or Göran Jansson, CFO, tel. +46-8-506 485 72 or +46-70-698 85 72
The ASSA ABLOY Group is the world's leading manufacturer and supplier of locks and associated products,
dedicated to satisfying end-user needs for security, safety and convenience. Current sales for the Group are in excess of
SEK 20 billion (approximately USD 2 billion) and the number of employees is more than 20,000.
ASSA ABLOY is the global leader in door opening solutions and offers mecahnical and electromechanical locks, digital door locks, security doors, entrance automation, hotel security and secure identity solutions, primarily in identity and access management, as well as a number of other related products and services.
Since its formation in 1994, ASSA ABLOY has grown from a regional company into an international Group with some 47,500 employees operating in more than 70 countries and sales of SEK 76 billion.