ASSA ABLOY acquires Technology Solutions in the UK

Rhea-AI Summary

ASSA ABLOY has acquired Technology Solutions (TSL), a leading UK provider of RFID handheld readers. This strategic acquisition strengthens ASSA ABLOY's RFID portfolio and enhances growth opportunities. TSL, established in 1994, reported sales of approximately MGBP 3 (around MSEK 30) in 2020 with a strong EBIT margin. The acquisition is expected to be accretive to earnings per share (EPS) from the outset, providing synergies and expanding market reach within identification technologies.

Positive

• Acquisition of TSL strengthens ASSA ABLOY's RFID product offering.
• TSL's 2020 sales were approximately MGBP 3 with strong EBIT margin.
• Acquisition expected to be accretive to EPS from the start.

Negative

• None.

STOCKHOLM, Feb. 8, 2021 /PRNewswire/ -- ASSA ABLOY has acquired Technology Solutions (TSL) in the UK, a global provider of radio frequency identification (RFID) handheld readers. TSL designs, develops and manufactures ruggedized mobile RFID readers and other multi-technology, mobile device peripherals used to identify and track products and assets.

"I am very pleased to welcome TSL into the ASSA ABLOY Group. TSL is a strategic technological addition to the ASSA ABLOY Group and reinforces our current RFID offering and provides complementary growth opportunities," says Nico Delvaux, President and CEO of ASSA ABLOY.

"The acquisition of TSL expands HID's broad RFID portfolio with proven hardware and integration tools that extend our leadership in identification technologies," says Björn Lidefelt, Executive Vice President and Head of Global Technologies business unit HID Global.

TSL was founded in 1994 and has some 25 employees. The main office is located in Loughborough, UK.

Sales in 2020 amounted to about MGBP 3 (approx. MSEK 30) with a good EBIT margin and 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 48,000 employees and sales of SEK 88 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-technology-solutions-in-the-uk,c3281787

The following files are available for download:

https://mb.cision.com/Main/7333/3281787/1369205.pdf	Press release (PDF)
https://news.cision.com/assa-abloy/i/tsl-bluetooth-rfid-reader,c2875085	TSL Bluetooth RFID reader

View original content:http://www.prnewswire.com/news-releases/assa-abloy-acquires-technology-solutions-in-the-uk-301223741.html

SOURCE ASSA ABLOY

FAQ

What is the strategic importance of ASSA ABLOY's acquisition of TSL?

The acquisition enhances ASSA ABLOY's RFID offerings and provides complementary growth opportunities.

How much did ASSA ABLOY pay for Technology Solutions (TSL)?

The precise transaction value was not disclosed in the press release.

What was TSL's sales revenue in 2020?

TSL reported sales of approximately MGBP 3 (around MSEK 30) in 2020.

How will TSL's acquisition impact ASSA ABLOY financially?

The acquisition is expected to be accretive to ASSA ABLOY's earnings per share (EPS) from the start.

When did ASSA ABLOY acquire Technology Solutions?

The acquisition was announced on February 8, 2021.