ASSA ABLOY Acquires Door Distributor, Service Provider J Newton Enterprises
ASSA ABLOY says the acquisition delivers on its strategy to reinforce its current offering within entrance automation.
STOCKHOLM — ASSA ABLOY announces it has acquired J Newton Enterprises, a leading pedestrian door distributor and service company based in Inverness, Fla.
“I am very pleased to welcome J Newton Enterprises into the ASSA ABLOY Group. This acquisition delivers on our strategy to reinforce our current offering within entrance automation,” says Nico Delvaux, president and CEO of ASSA ABLOY.
J Newton Enterprises was established in 2003 and has more than 60 employees across six locations. The company furnishes, installs, services and repairs all makes and models of commercial and automatic doors.
“J Newton Enterprises is a key player in the Florida market, strengthening our existing pedestrian business and our service offering in that region, enabling us to provide an even better customer experience,” adds Massimo Grassi, executive vice president of ASSA ABLOY and head of Entrance Systems Division.
ASSA ABLOY says sales for 2021 amounted to about $16 million with a good EBIT margin. The acquisition will be accretive to EPS from the start.
ASSA ABLOY Issues Update on Closing of Hardware & Home Improvement Division of Spectrum Brands
ASSA ABLOY also recently announced an update on the closing of its acquisition of Spectrum Brands’ Hardware and Home Improvement (HHI) division.
When the deal was first announced last September, it was expected to close by the end of 2022. However, because the US regulator continues to review the proposed acquisition of HHI and ASSA ABLOY works to resolve its potential concerns, the companies have agreed to extend their agreement to June 30, 2023.
Both companies note they remain fully committed to the transaction and are confident that they will obtain all required governmental clearances to complete the transaction.
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