Swedish lockmaker Assa Abloy AB (ASAZF.PK) on Thursday said it has acquired US-based docking systems firm 4Front. The deal was closed simultaneously with signing on December 24. Assa Abloy expects the acquisition to be accretive to earnings per share from start
Texas-based 4Front, which was founded in 1953, offers a complete product range around docking systems as well as a large variety of accessories. It has operations in USA, Canada, Mexico and India, and employes 750 people. 4Front's sales for 2012 are expected to reach $165 million or 1.1 billion Swedish kroner.
Johan Molin, President and CEO of Assa Abloy, said, "4Front, with its leading brands, is yet another strategic entry to the important North American market in entrance automation. I welcome this addition that further reinforces the ASSA ABLOY Group's leadership in entrance automation, growing from SEK 3 billion in 2008 to more than SEK 12 billion proforma in 2012."
Juan Vargues, Executive Vice President of ASSA ABLOY and Head of Division Entrance Systems, added, "The acquisition of 4Front is a great addition to our growing portfolio of docking systems and adds also strongly to our position in the indirect channel of entrance automation products. 4Front has a strong market position, excellent products and a very experienced organization."
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by RTT Staff Writer
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