ASSA ABLOY Buys HID for $125M
STOCKHOLM, Sweden
ASSA Abloy, an international manufacturer of security products that is comprised of more than 100 subsidiaries in 30 countries, announces that it has acquired Irvine, Calif.-based HID Corp., an access control manufacturer. The acquisition price is $250 million plus an additional earn-out of $30 million to be paid dependent upon agreed profit improvement levels. ASSA ABLOY reports that the acquisition will be financed through the existing credit facility and is subject to regulatory approval.
HID’s sales are expected to reach the $100 million mark in 2000, and the company’s compounded average growth rate during the past six years is 50 percent. These numbers fall in line with those of other companies recently acquired by the Swedish conglomerate. Among ASSA ABLOY’s other major subsidiaries in the United States are Securitron Magnalock Corp., Medeco Security Locks Inc. and Emtek Products Inc.
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