ASSA ABLOY TO ADD HID TO ITS WORLDWIDE FAMILY OF COMPANIES
IRVINE, Calif.—ASSA ABLOY AB, a Sweden-based manufacturer of locks, has agreed to acquire HID Corp., a provider of radio-frequency identification (RFID) technology, for $250 million plus an additional earn-out of $30 million to be paid dependent upon agreed profit improvement levels, subject to regulatory approval. According to HID, while the acquisition will not alter the company’s mission or management, integration into ASSA ABLOY’s $2 billion global operation will result in a substantial benefit to its customers. ASSA ABLOY will benefit from the addition of HID’s RFID technology to its lock products, while HID will benefit from ASSA ABLOY’s substantial capital resources and extensive global presence.
“Electronic identification has so far been a missing link in ASSA ABLOY’s product portfolio of mechanical and electromechanical locks,” explains Carl-Henric Svanberg, president and CEO of ASSA ABLOY. “HID’s RFID technology leadership will help us fulfill our mission to develop the next generation of intelligent locks.” Donald Nelson, president of HID, adds, “The agreement is a genuine win-win for everyone involved, and HID is enthusiastic about the long-term prospects as part of ASSA ABLOY.” HID holds around a 40-percent market share in RFID access control technology globally, while ASSA ABLOY Group has more than 100 subsidiaries employing approximately 20,000 people in 30 countries.
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