Assa Abloy has acquired 32.95 percent of the Swiss entrance automation company Agta Record from Somfy.
The Agta Record Group is a manufacturer of automatic entrance systems. The group is headquartered in Fehraltorf, Switzerland and has 1,700 employees. Agta Record's sales for 2009 accounted to more than US$308 million.
"The stake in Agta Record strengthens our expansion within the entrance automation area. We are supportive of Agta Record's strategy and management and will seek to engage with majority and other shareholders regarding acquisition of additional shares," said Johan Molin, President and CEO of Assa Abloy.
The purchase price is more than $34 per share and involves more than $6 million shares. The acquisition is subject to antitrust approvals.