United Dominion and Assa Abloy Enter Door Products Joint Venture

Apr 17, 2001, 01:00 ET from United Dominion Industries Ltd.

    CHARLOTTE, N.C., April 17 /PRNewswire/ --
     United Dominion Industries Ltd. (NYSE, TSE: UDI) today announced it has
 signed a joint venture agreement with Assa Abloy AB to form a new door
 products group.  Under the agreement, United Dominion will contribute its
 United Door Products (UDP) division to a newly formed joint venture company in
 exchange for $96 million in cash and a 20% interest in the joint venture.
 Assa Abloy will contribute its door products operating units and will hold the
 remaining 80% joint venture interest.  Two years following the completion of
 the joint venture United Dominion will have a put option, and Assa Abloy will
 have a call option, for United Dominion's interest in the joint venture.
 Other terms of the agreement were not disclosed, and the transaction is
 subject to regulatory approvals.  Total revenues for the joint venture
 businesses are approximately $350 million.
     (Photo: http://www.newscom.com/cgi-bin/prnh/19990407/CHW023 )
     During the second quarter of 2000, United Dominion announced its intention
 to sell its Door Products Division, the last of the company's building
 products businesses.  This division produces steel doors and frames for
 commercial, industrial, and institutional applications.  Businesses include
 Ceco Door, Trussbilt, S.W. Fleming, and Dominion Building Products.
     Assa Abloy (www.assaabloy.com) is the world's leading manufacturer and
 supplier of locks and lock products.  The Swedish firm had 2000 revenues of $2
 billion and employs 20,000 in its worldwide operations.  Its door businesses
 include Curries and Graham, both of which are headquartered in the U.S.
     United Dominion is a diversified manufacturer of proprietary engineered
 products in four business segments - Flow Technology, Machinery, Specialty
 Engineered Products, and Test Instrumentation.  It has annual sales of
 approximately $2.4 billion and 14,000 employees in 20 countries.  More
 information about the company is available on its website -
 www.uniteddominion.com.
 
 

SOURCE United Dominion Industries Ltd.
    CHARLOTTE, N.C., April 17 /PRNewswire/ --
     United Dominion Industries Ltd. (NYSE, TSE: UDI) today announced it has
 signed a joint venture agreement with Assa Abloy AB to form a new door
 products group.  Under the agreement, United Dominion will contribute its
 United Door Products (UDP) division to a newly formed joint venture company in
 exchange for $96 million in cash and a 20% interest in the joint venture.
 Assa Abloy will contribute its door products operating units and will hold the
 remaining 80% joint venture interest.  Two years following the completion of
 the joint venture United Dominion will have a put option, and Assa Abloy will
 have a call option, for United Dominion's interest in the joint venture.
 Other terms of the agreement were not disclosed, and the transaction is
 subject to regulatory approvals.  Total revenues for the joint venture
 businesses are approximately $350 million.
     (Photo: http://www.newscom.com/cgi-bin/prnh/19990407/CHW023 )
     During the second quarter of 2000, United Dominion announced its intention
 to sell its Door Products Division, the last of the company's building
 products businesses.  This division produces steel doors and frames for
 commercial, industrial, and institutional applications.  Businesses include
 Ceco Door, Trussbilt, S.W. Fleming, and Dominion Building Products.
     Assa Abloy (www.assaabloy.com) is the world's leading manufacturer and
 supplier of locks and lock products.  The Swedish firm had 2000 revenues of $2
 billion and employs 20,000 in its worldwide operations.  Its door businesses
 include Curries and Graham, both of which are headquartered in the U.S.
     United Dominion is a diversified manufacturer of proprietary engineered
 products in four business segments - Flow Technology, Machinery, Specialty
 Engineered Products, and Test Instrumentation.  It has annual sales of
 approximately $2.4 billion and 14,000 employees in 20 countries.  More
 information about the company is available on its website -
 www.uniteddominion.com.
 
 SOURCE  United Dominion Industries Ltd.

RELATED LINKS

http://www.uniteddominion.com