ASSA ABLOY has signed an agreement to acquire Planet GDZ, a supplier of door drop down seals and finger protection covers, based in Switzerland.
ASSA ABLOY has signed an agreement to acquire Planet GDZ, a supplier of door drop down seals and finger protection covers, based in Switzerland.
"I am very pleased to welcome Planet GDZ and their employees into the ASSA ABLOY Group. This acquisition delivers on our strategy to strengthen our position in the mature markets through adding complementary products and solutions”, says Nico Delvaux, President and CEO of ASSA ABLOY. “Planet GDZ stands for innovative drop down seals and finger protection for all types of doors and will fill in a gap in our product portfolio in the important DACH (Germany, Austria and Switzerland) markets and beyond, making ASSA ABLOY even more relevant to our current and future customers.”
Planet GDZ was established in 1945 and has some 55 employees. The head office and factory is located in Zürich, Switzerland.
Sales for 2018 are expected to reach some CHF 18 million (approx. USD 18.1 million) with a good EBIT margin and the acquisition will be accretive to EPS from start.
The acquisition is conditional upon regulatory approval and is expected to close during the third quarter of 2018.