ASSA ABLOY's acquisition of Phillips in Mexico completed
Background
Phillips produces a full range of lock products primarily for the Mexican lock market. The company also has exports to other Latin American countries. It's main product is rim locks - the most common type of lock used in Mexico.
Phillips is located in Mexico City and has an extensive distribution network. The company was founded in 1959 and has approximately 2,500 employees. Phillips has shown good growth and high profitability over a number of years. ASSA ABLOY's other operation is also located in Mexico City, there are synergies and growth opportunities that will benefit both operations.
The Mexican Antitrust Authorities have now approved the acquisition of Phillips and the companies will be consolidated from 1 October 2001.
For further information, please contact:
Carl-Henric Svanberg, President & CEO, tel: +46-70-510 0551
Göran Jansson, CFO, tel: +46-70-698 8572
ASSA ABLOY AB (publ)
P.O. Box 70340, S-107 23 Stockholm
Tel: +46 8 506 485 00, Fax: +46 8 506 485 85
Visiting address: Klarabergsviadukten 90
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. Current sales for the Group are in excess of
SEK 20 billion (approximately USD 2 billion) and the number of employees is approximately 25,000.