ASSA ABLOY acquires JOTEC in Germany

Rhea-AI Summary

ASSA ABLOY has signed a definitive agreement to acquire JOTEC Service & Vertriebsges.mbh, a leading industrial door distributor and service provider in Germany. This strategic acquisition aims to enhance ASSA ABLOY's entrance automation offering. JOTEC, established in 1985 and employing around 100 staff, reported sales of approximately €19 million in 2021. The transaction is anticipated to positively impact earnings per share (EPS) immediately upon closure, which is expected in the second quarter of 2022 pending regulatory approval.

Positive

• Accretive to EPS from the start.
• Strengthens ASSA ABLOY's offerings in entrance automation.
• Expands customer base with JOTEC's established presence.

Negative

• None.

STOCKHOLM, March 21, 2022 /PRNewswire/ -- ASSA ABLOY has signed an agreement to acquire JOTEC Service & Vertriebsges.mbh, a regional leading industrial door distributor and service company in Germany.

"I am very pleased to welcome JOTEC into the ASSA ABLOY Group. The acquisition of JOTEC delivers on our strategy to reinforce our current offering within entrance automation," says Nico Delvaux, President and CEO of ASSA ABLOY.

"JOTEC has a strong offering, a well-developed service business, and a large customer base. I am pleased to welcome their experienced team to ASSA ABLOY and look forward to working with them as we continue our successful journey together," says Massimo Grassi, Executive Vice President of ASSA ABLOY and Head of Entrance Systems Division.

JOTEC was established in 1985 and has some 100 employees. The main office is located in Erkelenz, near Mönchengladbach, Germany.

Sales for 2021 amounted to about MEUR 19 (approx. MSEK 200). The acquisition will be accretive to EPS from the start.

The acquisition is subject to regulatory approval and customary closing conditions and is expected to close during the second quarter of 2022.

For more information, please contact:

Nico Delvaux, President and CEO, tel. no: +46 8 506 485 82

Erik Pieder, CFO and Executive Vice President, tel. no: +46 8 506 485 72

Björn Tibell, Head of Investor Relations, tel. no: +46 70 275 67 68

About ASSA ABLOY

The ASSA ABLOY Group is the global leader in access solutions. The Group operates worldwide with 51,000 employees and sales of SEK 95 billion. The Group has leading positions in areas such as efficient door openings, trusted identities and entrance automation. ASSA ABLOY's innovations enable safe, secure and convenient access to physical and digital places. Every day, we help billions of people experience a more open world.

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/assa-abloy/r/assa-abloy-acquires-jotec-in-germany,c3528070

The following files are available for download:

https://mb.cision.com/Main/7333/3528070/1550617.pdf	Press release (PDF)
https://news.cision.com/assa-abloy/i/jotec-4-16x9,c3026539	Jotec 4-16x9
https://news.cision.com/assa-abloy/i/jotec-2,c3026540	Jotec 2
https://news.cision.com/assa-abloy/i/jotec-3-16x9,c3026541	Jotec 3-16x9

View original content:https://www.prnewswire.com/news-releases/assa-abloy-acquires-jotec-in-germany-301506428.html

SOURCE ASSA ABLOY

FAQ

What is the purpose of ASSA ABLOY's acquisition of JOTEC?

The acquisition aims to enhance ASSA ABLOY's offerings in entrance automation.

When will the acquisition of JOTEC by ASSA ABLOY be completed?

The acquisition is expected to close during the second quarter of 2022, pending regulatory approval.

What are the financial details of JOTEC?

JOTEC reported sales of approximately €19 million in 2021.

How many employees does JOTEC have?

JOTEC employs around 100 staff.

What strategic value does JOTEC bring to ASSA ABLOY?

JOTEC strengthens ASSA ABLOY's service capabilities and expands its market presence in Germany.