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ASSA Buy

by msecadm4921

Security product company ASSA ABLOY has signed an agreement to acquire 32.95 percent of the Swiss entrance automation company Agta Record from Somfy

The Agta Record Group is a manufacturer of automatic entrance systems. The Group is headquartered in Fehraltorf, Switzerland and has 1,700 employees. Agta Record’s sales for 2009 amounted to EUR 222 M.
 
"The stake in Agta Record further strengthens our successful expansion within the entrance automation area. We are supportive of Agta Record’s strategy and management and will seek to engage with majority and other shareholders regarding acquisition of additional shares," says Johan Molin, President and CEO of ASSA ABLOY.
 
The purchase price is EUR 25 per share and involves about 4.4 million shares. The acquisition is subject to anti-trust approvals.

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