Swedish conglomerate ASSA ABLOY said on Thursday that it had acquired Lawrence Hardware and Gallery Specialty, Canada-based providers of commercial hinges, locksets, exit devices and door hardware accessories.
Lawrence Hardware was established in 1876, while Gallery Specialty – in 1989, with the two firms together employing about 50 people.
“I am very pleased to welcome Lawrence and Gallery into the ASSA ABLOY Group. This acquisition delivers on our strategy to strengthen our position in mature markets through adding complementary products and solutions to our core business,” Nico Delvaux, President and Chief Executive Officer of ASSA ABLOY, said in a press release.
“Lawrence and Gallery are well-known, respected brands in Canada and I’m excited for them to become part of ASSA ABLOY. This acquisition supports our growth ambitions and commitment to the Canadian market by further strengthening our core business and expanding our product portfolio,” Lucas Boselli, Executive Vice President of ASSA ABLOY who also heads the company’s Americas division, said.
The acquisition will be accretive to earnings per share from the start, ASSA ABLOY said.
The financial details of the transactions, however, were not disclosed.
The shares of ASSA ABLOY were last losing 1.06% (SEK 2.60) on the day to trade at SEK 243.80 in Stockholm on Thursday.
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