STOCKHOLM, Aug 2, 2017 /PRNewswire/ --ASSA ABLOY has acquired SMI (Shree Mahavir Metalcraft), a leading OEM manufacturer of architectural hardware in India.
"I am very pleased to welcome SMI into the ASSA ABLOY Group. The acquisition of SMI delivers on our strategy to grow our presence in emerging markets", says Johan Molin, President and CEO of ASSA ABLOY.
"SMI is an attractive addition to the Asia Pacific division and reinforces our position in the India market. The acquisition offers the potential to develop market specific competitive products and complements our existing Indian business", says Magnus Kagevik, Executive Vice President of ASSA ABLOY and Head of Division Asia Pacific.
SMI was established in 1984. It is headquartered in Jamnagar, West coast of India and has some 960 employees.
Sales for 2017 are expected to reach INR 1,080 million (approx. SEK 140 million) and the acquisition will be accretive to EPS from start.
For more information, please contact:
Johan Molin, President and CEO, tel. no: +46-8-506-485-42
Carolina Dybeck Happe, CFO and Executive Vice President, tel. no: +46-8-506-485-72
About ASSA ABLOY
ASSA ABLOY is the global leader in door opening solutions, dedicated to satisfying end user needs for security, safety and convenience. Since its formation in 1994, ASSA ABLOY has grown from a regional company into an international group with about 47,000 employees, operations in more than 70 countries and sales of SEK 71 billion. In the fast-growing electromechanical security segment, the Group has a leading position in areas such as access control, identification technology, entrance automation and hotel security.
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SOURCE ASSA ABLOY