ASSA ABLOY said on Tuesday that it had acquired Inovadoor Portas Industriais Ltda, a Brazil-based manufacturer of sectional and high-speed doors.
Inovadoor Portas Industriais was established in 1997 and it currently employs about 100 people.
The firm’s sales equaled about BRL 52 million (nearly SEK 100 million) for the full year 2022.
The acquisition will be accretive to earnings per share from the beginning, ASSA ABLOY said.
“I am very pleased to welcome Inovadoor into the ASSA ABLOY Group. This acquisition delivers on our strategy to reinforce our current offering within entrance automation in emerging markets,” Nico Delvaux, President and Chief Executive Officer of ASSA ABLOY, said in a press release.
“By leveraging Inovadoor’s local manufacturing capabilities, nationwide reach, and exceptional reputation, we will strengthen our footprint in Brazil and pave the way for future expansion and growth opportunities in both Brazil and throughout Latin America,” Massimo Grassi, Executive Vice President of ASSA ABLOY and Head of Entrance Systems Division, commented.
The shares of ASSA ABLOY were last edging down 0.34% (SEK 0.80) on the day to trade at SEK 237.40 in Stockholm on Tuesday.
The company’s total market cap now stands at SEK 261.373 billion.