ASSA ABLOY has acquired the Prometal Group, a leading manufacturer of steel and
wooden security doors in the Middle East.
"Prometal constitutes another important step in our strategy to grow market
presence in the Middle East and other emerging markets”, says Johan Molin,
President and CEO of ASSA ABLOY.
”The acquisition of Prometal provides us with a strong security door range that
reinforces our total door opening solution for the Middle East”, says Tzachi
Wiesenfeld, Executive Vice President of ASSA ABLOY and Head of the EMEA
division.
Prometal was established in 2000 and has 420 employees. The head office and
factory is located in Dubai, UAE.
Sales for 2015 are expected to reach AED 100 M (approx. SEK 225 M) with a good
EBIT margin. The acquisition will be accretive to EPS from start.
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 44,000 employees, operations in more than 70
countries and sales close to SEK 57 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.