ASSA ABLOY AB says it is planning a four-fold revenue growth in its Chinese operations during the next five years and has not ruled out making further acquisitions in the country’s fast-growing security sector.
ASSA ABLOY CEO Bo Dankis told AFX-Asia his company is focusing heavily on China’s “fast-growing middle class that owns possessions that it wants to protect.”
Within China, Dankis says business is evenly split three ways: One-third was making high-technology door-locking products for international hotel chains; a further third was locks made for Chinese institutions and homeowners; the rest were low-cost locks made for export from its base in southern China.
Dankis also told AFX-Asia that a nine-year strategy by the Swedish electronic security firm of acquiring companies around the globe – including in the U.S. – will shift from a strategy of “acquisitions to organic growth.” “China is one of the few countries where we may go for an acquisitions strategy,” he said.
