Assa Abloy: buys Australian industrial door maker

(CercleFinance.com) - Assa Abloy, the world's biggest lock maker, said on Friday that it has bought AM Group, an Australian maker of industrial doors specialised in entrance automation.


The Swedish company said that the deal will boost both its geographic coverage and its product offering in Australia as AM's portfolio includes rolling steel doors and bi-fold doors.

Based in Sydney, AM Group was founded in Australia in 1923 and has 425 employees. Its sales are expected to reach about 800 million Swedish kronor (about 75 million euros) this year.

The acquisition is expected to close during the first quarter of 2020, Assa Abloy said.

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