STOCKHOLM — ASSA ABLOY (OTCPK: ASAZF) has acquired Door Systems, a distributor of commercial doors, residential sectional doors, high speed doors and docking solutions, based in Naperville, Ill., near Chicago.
“I am very pleased that Door Systems is joining the ASSA ABLOY Group. I welcome this addition that further reinforces ASSA ABLOY’s leadership in entrance automation, where our sales have grown from SEK 3 billion in 2008 to SEK 22 billion in 2017,” says Nico Delvaux, president and CEO of ASSA ABLOY.
Door Systems provides installations and services for a broad range of different sectional doors in the areas of Northern Illinois, Southern Wisconsin, and Northwest Indiana.
“Door Systems has a proud history and a talented workforce. Their know-how is a good addition to the ASSA ABLOY Entrance Systems team. I look forward to welcoming our new colleagues and together keep strengthening our commercial door and docking solutions,” says Mogens Jensen, executive vice president of ASSA ABLOY and head of division entrance systems.
Door Systems was established in 1954 and has some 100 employees. The company’s services include architectural consultation for new construction and remodeling; assistance to general contractors for project planning, bidding and installation; a new construction division to plan and build loading docks, entrances, and door openings; preventive maintenance programs for all its products; and consultation, planning and installation services to clients comply with the Americans with Disabilities Act (ADA).
Sales for 2018 are expected to reach about $27 million with a good earnings before interest and taxes (EBIT) margin. The acquisition will be accretive to earnings per share (EPS) from the start.
