Assa Abloy: sells part of Italian unit to Bertolotto

(CercleFinance.com) - Assa Abloy has sold its Italian residential door business and is in the final stages in the sale of its remaining shutter business in the country, the Swedish lock maker said on Thursday.


The Italian residential door business, which belongs to its Gardesa division, has been sold to Bertolotto, an Italian manufacturer of doors for interiors, the group said.

The deal will have a positive effect on its operating margin, Assa Abloy noted, but will lead to a capital loss and exit costs amounting to 18 million euros, to be booked in its fourth-quarter 2020 results.

Gardesa - which makes residential security doors and roller shutters - is headquartered in Cortemaggiore, Italy, with around 70 employees. Its sales are expected to reach approximately 10 million euros in 2020.

The divestiture of the shutter business is expected to be completed during the first quarter of 2021, Assa pointed out.

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