ASSA ABLOY acquires Olimpia Hardware

Rhea-AI Summary

ASSA ABLOY has acquired Olimpia Hardware, a prominent glass hardware brand in Latin America and the Caribbean. This acquisition marks a strategic move to enhance ASSA ABLOY's market presence in emerging markets. Olimpia reported sales of approximately 13 MUSD in 2019, with a solid EBIT margin. The transaction is expected to be accretive to EPS from the outset. This integration aligns with the growing demand for glass and aluminum products in the region, further solidifying ASSA ABLOY's market leadership.

Positive

• Acquisition of Olimpia Hardware strengthens ASSA ABLOY's market position in Latin America.
• 2019 sales for Olimpia were approximately 13 MUSD (around 125 MSEK) with a good EBIT margin.
• Transaction expected to be accretive to EPS from the start.
• Supports the trend towards glass and aluminum product openings in the region.

Negative

• None.

STOCKHOLM, Oct. 2, 2020 /PRNewswire/ -- ASSA ABLOY has acquired Olimpia Hardware, a leading glass hardware and accessories brand in Latin America and the Caribbean.

"I am very pleased to welcome Olimpia into the ASSA ABLOY Group. This constitutes an important next step in our strategy to grow market leadership in emerging markets," says Nico Delvaux, President and CEO of ASSA ABLOY.

"The addition of Olimpia complements our business in Latin America, further supporting the growing trend of openings utilizing glass and aluminum products," says Lucas Boselli, Executive Vice President of ASSA ABLOY and Head of the Americas Division.

Olimpia was established in 1999 and serves Latin America and the Caribbean. ASSA ABLOY will continue to sell Olimpia branded products across the region.

Sales for 2019 amounted to about 13 MUSD (approx. 125 MSEK) with a good EBIT margin. The acquisition will be accretive to EPS from 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

About ASSA ABLOY

The ASSA ABLOY Group is the global leader in access solutions. The Group operates worldwide with 49,000 employees and sales of SEK 94 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.

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https://news.cision.com/assa-abloy/r/assa-abloy-acquires-olimpia-hardware,c3209368

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Press release (PDF)

 

View original content:http://www.prnewswire.com/news-releases/assa-abloy-acquires-olimpia-hardware-301144644.html

SOURCE ASSA ABLOY

FAQ

What is the significance of ASSA ABLOY's acquisition of Olimpia Hardware?

The acquisition enhances ASSA ABLOY's presence in the Latin American market, aligning with the growing demand for glass and aluminum products.

How much did Olimpia Hardware generate in sales in 2019?

Olimpia Hardware reported sales of approximately 13 MUSD (around 125 MSEK) in 2019.

Will the acquisition of Olimpia Hardware affect ASSA ABLOY's EPS?

Yes, the acquisition is expected to be accretive to ASSA ABLOY's EPS from the start.

What role does Olimpia Hardware play in the Latin American market?

Olimpia is a leading brand of glass hardware and accessories, catering to the demand in Latin America and the Caribbean.