Assa Abloy signed an agreement to acquire Swesafe, the largest locksmith in Sweden.
"I welcome that Swesafe is joining the Assa Abloy Group. They are an important step in the group's desire to develop the Swedish market within the electromechanical segment," said Johan Molin, President and CEO of Assa Abloy.
"By owning the locksmith business in Sweden, we will be able to facilitate the development of the locksmith and security installer industry to become more project oriented, focusing on the offering of electronic products and service concepts," said Tzachi Wiesenfeld, Executive VP and Head of the EMEA division, Assa Abloy
Swesafe will be run as a separate unit within Assa Abloy Scandinavia and Goran Burenstam Linder will continue as MD.
2010 sales is expected to have more than US$65 million, equally split between mechanical and electromechanical products. Swesafe has 24 branches and 313 employees. The acquisition will be accretive to earnings per share.