ASSA ABLOY increases its ownership in KESO AG of Switzerland
KESO is a leading Swiss manufacturer of mechanical and electronic high-security cylinders for doors and industrial applications. The company has sales of CHF 50 M and has built a reputation as one of the world's leading producers of high-quality locks and cylinders. 50 percent of the company's sales are currently exported to a number of countries. The company has a particularly strong position in Germany.
Ernst Keller, the owner and president of KESO, founded the company in 1963. He is the inventor of the company's cylinder technology, the flat key concept. This technically advanced cylinder offers unchallenged master keying possibilities. Ernst Keller will remain in the position of President until 2003 to support the integration with ASSA ABLOY.
KESO's headquarters and main production facility is based in Richterswil, close to Zürich. The company has sales subsidiaries in Germany, France and Austria. The number of employees is 320.
ASSA ABLOY is increasing its ownership in KESO AG from 35 to 65 percent and the company will be fully consolidated from closing, which will follow regulatory approval. ASSA ABLOY will acquire the remaining shares by the end of 2003. This increased ownership will be earnings-per-share accretive from 2002.
For further information, please contact
Carl-Henric Svanberg, President & CEO, tel: +46-70-510 0551,
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.