Assa Abloy has acquired Mauer, a manufacturer of cylinders and locks and a leading supplier of locking products in Bulgaria.
"I am very pleased to welcome Mauer into the ASSA ABLOY Group. The acquisition of Mauer delivers on our strategy to grow our presence in emerging markets," said Johan Molin, President and CEO of ASSA ABLOY.
"Mauer is an innovative business, especially in relation to cylinders, with a strong track record and a leading position in the Bulgarian market," says Tzachi Wiesenfeld, Executive Vice President of ASSA ABLOY and Head of the EMEA division. Mauer was established in 1989, with the company's main production facilities located in Varna and sales offices located in Plovdiv, Sofia and Pleven. The Group has approximately 200 employees.
Sales for 2016 are expected to reach around US$12.4 million and the acquisition will be accretive to EPS from start.