ASSA ABLOY has signed agreements to acquire Papaiz, a leading lock company and
Udinese, a leading manufacturer of hardware for sliding doors and windows in
Brazil. The acquisitions will significantly increase the Group’s footprint in
"I am very pleased that Papaiz and Udinese are joining the ASSA ABLOY Group.
Papaiz and Udinese represent for the Group two major acquisitions in the
Brazilian market. This constitutes an important next step in our strategy to
grow market leadership in emerging markets”, says Johan Molin, President and CEO
of ASSA ABLOY.
"We welcome to ASSA ABLOY Papaiz, the most well-known Brazilian lock brand and
Udinese, the leading window hardware producer in the Brazilian market. These
acquisitions will significantly increase our product range in Brazil”, says
Thanasis Molokotos, Executive Vice President of ASSA ABLOY and Head of the
Papaiz, established in 1952, is located in Salvador, in northeastern Brazil.
Udinese, established in 1966, is located in Diadema, near Sao Paulo. Together
they add approximately 1,300 employees.
Combined sales are expected to reach BRL 200 M (approx SEK 450 M) in 2016. The
acquisitions will be accretive to EPS from start.
The transactions are expected to close during Q4 2015.