Following the strategy to expand in Asia, Securitas has agreed to acquire the operations and assets relating to the guarding service operations of Guardforce in Hong Kong from UTC Fire and Security. The agreement is subject to certain closing conditions.
Guardforce, a leader in the Hong Kong guarding services market, has annual sales of approximately US$16.5 million in guarding services and approximately 1,000 employees. The company has sales in many key customer segments, but most notably in the residential, transport and logistics and finance sector.
The Hong Kong market for guarding services is estimated to be worth approximately $13.6 million and offers a good potential for further growth through outsourcing.
After this acquisition Securitas will have annual sales of approximately $18.2 million and 1,200 employees in Hong Kong.
The acquisition is expected to be consolidated in Securitas during the fourth quarter 2009.