ASSA ABLOY acquires Sunray Engineering in the UK

Rhea-AI Summary

ASSA ABLOY (ASAB) Acquires Sunray Engineering Group Ltd, a UK-Based Manufacturer of High Specification Doors and Louvre Systems

Positive

• The acquisition strengthens ASSA ABLOY's position in mature markets, particularly in the UK and EMEIA division, aligning with the company's growth strategy.

Negative

• None.

STOCKHOLM, July 26, 2023 /PRNewswire/ -- ASSA ABLOY has acquired Sunray Engineering Group Ltd, a UK designer and manufacturer of high specification steel and timber security doors, fire doors and louvre systems.

"I am very pleased to welcome Sunray Engineering into the ASSA ABLOY Group. This acquisition delivers on our strategy to strengthen our position in the mature markets adding to our comprehensive offering in the UK and EMEIA division as a whole," says Nico Delvaux, President and CEO of ASSA ABLOY.

"With Sunray Engineering and its great team we want to develop our presence within the high specification doors and louvre systems markets. Sunray Engineering has a long and successful history in the UK, making it a fantastic opportunity to help us realize our growth ambitions and expand our full door specification offering," says Neil Vann, Executive Vice President of ASSA ABLOY and Head of EMEIA Division.

Sunray Engineering was established in 1980 and has some 70 employees. The main office is located in Kent, South East England.

Sales for 2022 amounted to about MGBP 12 (approx. MSEK 150) with a strong 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/7333/3809628/2204377.pdf	Press Release (PDF)
https://news.cision.com/assa-abloy/i/sunray,c3201795	Sunray
https://news.cision.com/assa-abloy/i/sunray-louvre-doors,c3201794	Sunray Louvre Doors

 

View original content:https://www.prnewswire.com/news-releases/assa-abloy-acquires-sunray-engineering-in-the-uk-301885966.html

SOURCE ASSA ABLOY

FAQ

What did ASSA ABLOY acquire?

ASSA ABLOY has acquired Sunray Engineering Group Ltd, a UK designer and manufacturer of high specification steel and timber security doors, fire doors, and louvre systems.

Who is the President and CEO of ASSA ABLOY?

Nico Delvaux is the President and CEO of ASSA ABLOY.

Where is Sunray Engineering based?

Sunray Engineering is located in Kent, South East England.

When was Sunray Engineering established?

Sunray Engineering was established in 1980.

How many employees does Sunray Engineering have?

Sunray Engineering has around 70 employees.

What are the sales figures for Sunray Engineering in 2022?

Sales for 2022 amounted to [data not provided].