ASSA ABLOY has signed agreements to acquire Papaiz, a lock company, and Udinese, a manufacturer of hardware for sliding doors and windows in Brazil. The company has also signed an agreement to acquire the Swiss company CEDES, a company specializing in sensor technology to the door and elevator industry.
"I am very pleased that Papaiz and Udinese are joining the ASSA ABLOY Group. Papaiz and Udinese represent for the Group two major acquisitions in the Brazilian market. This constitutes an important next step in our strategy to grow market leadership in emerging markets”, says Johan Molin, President and CEO of ASSA ABLOY.
"We welcome to ASSA ABLOY Papaiz, the most well-known Brazilian lock brand and Udinese, the leading window hardware producer in the Brazilian market. These acquisitions will significantly increase our product range in Brazil”, says Thanasis Molokotos, Executive Vice President of ASSA ABLOY and Head of the Americas Division.
"CEDES competence, experience and product offering in the sensor field is a strong addition to our current product portfolio and will lead to highly innovative and integrated solutions combining different technologies that will create new customer benefits. This is a strategic acquisition for Entrance Systems and I welcome the CEDES team to ASSA ABLOY”, says Juan Vargues, Executive Vice President of ASSA ABLOY and Head of Division Entrance Systems.
CEDES was established in 1986 and has some 340 employees. The company is headquartered in Landquart, Switzerland.
The Brazil transactions were expected to close during Q4 2015; the Swiss transaction is expected to close during Q1 2016.
