ASSA ABLOY to acquire Arran Isle Ltd in the UK

Rhea-AI Summary

ASSA ABLOY has announced a definitive agreement to acquire Arran Isle, a prominent UK and Ireland manufacturer of door and window hardware. The acquisition aligns with ASSA ABLOY's strategy to enhance its product offerings, particularly in the EMEIA region. Arran Isle, established in 1971, generated sales of approximately MGBP 100 (around MSEK 1,200) in 2020 and employs around 560 staff. The deal is anticipated to be EPS accretive from the outset and is expected to close in Q4 2021, pending regulatory approval.

Positive

• Acquisition will enhance ASSA ABLOY's product portfolio in the UK and Ireland.
• Expected to be accretive to EPS from the start.
• Arran Isle's strong market reputation and innovative products can drive synergies.

Negative

• None.

STOCKHOLM, Sept. 27, 2021 /PRNewswire/ -- ASSA ABLOY has signed a definitive agreement to acquire Arran Isle, a leading designer, manufacturer and distributor of door and window hardware in the UK and Ireland.

"I look forward to welcoming Arran Isle into the ASSA ABLOY Group. This acquisition delivers on our strategy to add complementary products and solutions to our core business," says Nico Delvaux, President and CEO of ASSA ABLOY.

"Arran Isle is an excellent addition to our business and in particular EMEIA's UK and Ireland market region. The acquisition brings well-known architectural and fenestration hardware brands to our portfolio. Arran Isle have built a reputation developing innovative products and a market leading approach to customer service with a passionate and experienced team," says Neil Vann, Executive Vice President of ASSA ABLOY and Head of EMEIA Division.

Arran Isle has some 560 employees and was established in 1971. The company has manufacturing and distribution sites in the UK, Ireland, Europe and China.

Sales for 2020 amounted to about MGBP 100 (approx. MSEK 1,200). The acquisition will be accretive to EPS from the start.

The acquisition is subject to regulatory approval and customary closing conditions and is expected to close during the fourth quarter of 2021.

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-to-acquire-arran-isle-ltd-in-the-uk,c3421404

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Press release (PDF)

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SOURCE ASSA ABLOY

FAQ

What is the significance of ASSA ABLOY acquiring Arran Isle?

The acquisition is strategic for ASSA ABLOY to expand its product offerings and strengthen its market position in the UK and Ireland.

What are the financial metrics associated with the Arran Isle acquisition?

Arran Isle reported sales of MGBP 100 (approximately MSEK 1,200) in 2020 and the acquisition is expected to be accretive to EPS.

When is the acquisition of Arran Isle expected to be completed?

The acquisition is anticipated to close in the fourth quarter of 2021, subject to regulatory approval.

How many employees does Arran Isle have?

Arran Isle employs approximately 560 individuals.