ASSA ABLOY acquires Lawrence Hardware and Gallery Specialty in Canada

Rhea-AI Summary

ASSA ABLOY acquires Lawrence Hardware and Gallery Specialty, strengthening their position in mature markets and expanding their product portfolio.

Positive

• The acquisition supports growth ambitions and commitment to the Canadian market.
• Sales for 2022 amounted to about MCAD 25 (approx. MSEK 200) with a good EBIT margin.
• The acquisition will be accretive to EPS from the start.

Negative

• None.

STOCKHOLM, Sept. 7, 2023 /PRNewswire/ -- ASSA ABLOY has acquired Lawrence Hardware and Gallery Specialty, leading providers of commercial hinges, locksets, exit devices and door hardware accessories in Canada.

"I am very pleased to welcome Lawrence and Gallery into the ASSA ABLOY Group. This acquisition delivers on our strategy to strengthen our position in mature markets through adding complementary products and solutions to our core business," says Nico Delvaux, President and CEO of ASSA ABLOY.

"Lawrence and Gallery are well-known, respected brands in Canada and I'm excited for them to become part of ASSA ABLOY," says Lucas Boselli, Executive Vice President of ASSA ABLOY and Head of the Americas Division. "This acquisition supports our growth ambitions and commitment to the Canadian market by further strengthening our core business and expanding our product portfolio."

Lawrence Hardware was founded in 1876 and Gallery Specialty in 1989, together employing some 50 employees. The main office and factory are located in Toronto, Canada.

Sales for 2022 amounted to about MCAD 25 (approx. MSEK 200) with a good EBIT margin. The acquisition will be accretive to EPS from the start.

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, e-mail: bjorn.tibell@assaabloy.com

About ASSA ABLOY

The ASSA ABLOY Group is the global leader in access solutions. The Group operates worldwide with 52,000 employees and sales of SEK 121 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.

The following files are available for download:

https://mb.cision.com/Main/7333/3831031/2280912.pdf	Press release (PDF)
https://news.cision.com/assa-abloy/i/lawrencegallery-jpg,c3213681	LawrenceGallery jpg

 

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SOURCE ASSA ABLOY