ASSA ABLOY to Acquire SimonsVoss Technologies
ASSA ABLOY announces an agreement to purchase German digital locking and access control company SimonsVoss Technologies AG, in a move to enhance growth and expand its product portfolio.
The transaction will be secured through existing credit facilities.
SimonsVoss Technologies, based in Munich, develops, manufactures and markets electronic locking and access control systems for public and commercial buildings. The company’s U.S. headquarters are in Franklin, Wis.
SimonsVoss will operate as a separate business unit within the ASSA ABLOY Global Technologies division and is expected to increase its revenue by more than $63 million in 2008.
The transaction is expected to be slightly dilutive to ASSA ABLOY’s earnings per share (EPS) in 2008 and to have a marginally positive effect on EPS in 2009.
Operating in 40 countries, Stockholm-based ASSA ABLOY is a locking solutions manufacturer. The group comprises over 150 companies, including HID Global, Fargo Electronics, Securitron and other prominent brands.
The deal is subject to regulatory approvals and is scheduled for completion during the first half of 2008.
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