Assa Abloy: buys Australian commercial door maker

(CercleFinance.com) - Assa Abloy, the world's biggest lock maker, on Friday said that it has bought Spence Doors, a manufacturer of commercial doors in Australia.


The purchase price was not disclosed, but Assa Abloy said in a statement that the acquired firm, which is based in Melbourne, has 260 employees and expects to reach sales of about 435 million Swedish kronor (about 42 million euros) this year.

The acquisition will be earnings-accretive from the start, it added.

The deal provides the group with potential to accelerate growth utilising the firm's footprint in and around Australia, Assa said.

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