ASSA ABLOY Acquires Residential Lock Specialist Sure-Loc
The Sure-Loc acquisition supports ASSA ABLOY’s strategic initiatives to grow its residential business in the United States.
STOCKHOLM — ASSA ABLOY has acquired Sure-Loc Hardware, a leading supplier of residential locks and associated hardware in the United States, for undisclosed terms.
“I am very pleased to welcome Sure-Loc into the ASSA ABLOY Group. This acquisition delivers on our strategy to strengthen our position in the mature markets through adding complementary products and solutions to our core business,” states Nico Delvaux, president and CEO of ASSA ABLOY.
Sure-Loc was established in 2002 and has approximately 45 employees. The main office is located in Salt Lake City, Utah.
According to the company’s website, Sure-Loc products feature affordable style with a wide variety of designs to enhance both traditional and contemporary homes. The company’s Ridgecrest Modern line is said to be built with high-end components and top finishes. The Ridgecrest Mountain line is an elevated collection of door hardware. Its mountain contemporary design features split spindle latches, forged materials and high-end finishes.
“The acquisition of Sure-Loc complements our mechanical hardware portfolio, supporting our ambitions to grow our residential business in the US,” says Lucas Boselli, executive vice president of ASSA ABLOY and Head of the Americas Division. “Sure-Loc’s reputation for quality products and excellent customer service reflect our values and I’m excited for them to become part of ASSA ABLOY.”
Sales for 2020 amounted to about 14 MUSD (approx. 120 MSEK) with a good EBIT margin, according to an announcement. The acquisition will be accretive to earnings per share (EPS) from the start.
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