ASSA ABLOY sells CEDES in Switzerland to capiton AG
ASSA ABLOY has announced the sale of its Swiss sensor technology business, CEDES, to capiton AG. Established in 1986, CEDES specializes in sensor solutions for the elevator and door industry, employing approximately 320 people and generating 51 MEUR in sales for 2019. The deal is seen as a strategic move, allowing ASSA ABLOY to concentrate on its automated door business while providing CEDES with the opportunity for growth under capiton AG. The transaction, which is expected to close in Q4 2020, will have a neutral effect on ASSA ABLOY's operating margins.
- Sale allows ASSA ABLOY to focus on its core automated door business.
- CEDES is well-positioned for growth with capiton AG as a committed investor.
- None.
STOCKHOLM, Sept. 7, 2020 /PRNewswire/ -- ASSA ABLOY has signed an agreement to sell its sensor technology business CEDES in Switzerland to capiton AG.
CEDES is a leading sensor technology company in the elevator and door industry. CEDES was established in 1986 and has some 320 employees. The company is headquartered in Landquart, Switzerland. Sales in 2019 amounted to about 51 MEUR.
"I find it very satisfying that with capiton AG, CEDES and its employees and customers gain a committed long-term investor, creating new opportunities for the future and I wish them every success," says Nico Delvaux, President and CEO of ASSA ABLOY.
"CEDES now has the investment and expertise to grow and expand its core business of elevator sensors, allowing us to focus our resources on our core business of automated doors. CEDES is a well-performing business with high quality products, and we will continue to partner with the company as a preferred external supplier," says Christopher Norbye, Executive Vice President of ASSA ABLOY and Head of Entrance Systems Division.
The transaction will have a neutral effect on ASSA ABLOY's operating margin.
The divestiture is subject to customary closing conditions and is expected to close during the fourth quarter of 2020.
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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SOURCE ASSA ABLOY
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