ASSA ABLOY acquires leading lock company in South Korea
The worlds leading lock group, ASSA ABLOY, has signed an agreement to acquire BEST Metaline, one of South Korea's leading companies in commercial architectural hardware. Through this acquisition ASSA ABLOY makes its market entry into South Korea.
BEST Metaline was founded ten years ago and is specialized in commercial architectural hardware, which includes products such as door locksets, door closers, hinges as well as automatic doors. The company has in addition a strong position in customised hardware specifications to architects and construction companies.
According to ASSA ABLOY Executive Vice President, Geoff Norcott, the acquisition will bring a new dimension to the security offer in the Asia Pacific division. "The acquisition of BEST Metaline will strengthen ASSA ABLOY's position and leadership in North East Asia," Norcott said.
The President of BEST Metaline, Mr Ye Min Lee said "I am delighted and proud to be part of the ASSA ABLOY Group and look forward to contribute to the profitability and growth of the ASSA ABLOY Group."
The company is expected to generate sales of approximately AUD 13 M (SEK 65 M) in 2004 and to be accretive to EPS and RoCE from the date of acquisition. BEST Metaline has approximately 60 employees.
For further information, please contact
Göran Jansson, Deputy CEO and CFO, tel. +46-8-506 485 72
Martin Hamner, Group Controller, tel: +46-8-506 485 79
The ASSA ABLOY Group is the world's leading manufacturer and supplier of locking solutions,
dedicated to satisfying end-user needs for security, safety and convenience. The Group has about 30,000 employees and annual sales of about EUR 3 billion.
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.