ASSA ABLOY acquires VHS in Turkey

STOCKHOLM, September 1, 2022 /PRNewswire/ — ASSA ABLOY has signed an agreement to acquire VHS Plastik Metal (“VHS”), a leading manufacturer of window and door hardware systems based in Turkey.

“I am very happy to welcome VHS to the ASSA ABLOY group. This is an important next step in our strategy to increase our leadership in emerging markets,” said Nicolas DelvauxChairman and CEO of ASSA ABLOY.

“We are very excited about the acquisition of VHS. This transaction is a step change in our existing trading activities in Turkey and reinforces our long-term commitment to the local market. VHS offers a wide range of hardware products for doors and windows that will complement our offer in Turkey. VHS has a great team of people who I welcome to the ASSA ABLOY family and that gives us a local manufacturing footprint which provides great opportunities,” says Neil VanExecutive Vice President of ASSA ABLOY and Head of EMEIA Division.

VHS was established in 1997 and has approximately 440 employees. The main office and the factory are located in Silivri, close to Istanbul.

Sales for 2021 amounted to around 150 MTRY (around 150 MSEK) with a good EBIT margin. The acquisition will be accretive to EPS from the outset.

The acquisition is subject to customary closing conditions and is expected to close during the fourth quarter of 2022.

For more information please contact:

Nicolas Delvaux, Chairman and Chief Executive Officer, tel. no: +46 8 506 485 82
Erik Pieder, Chief Financial Officer and Executive Vice President, tel. no: +46 8 506 485 72
Björn Tibell, Head of Investor Relations, tel. no: +46 70 275 67 68

About ASSA ABLOY

The ASSA ABLOY Group is the world leader in access solutions. The Group operates worldwide with 51,000 employees and sales of 95 billion Swedish crowns. The Group holds leading positions in areas such as efficient door opening, trusted identities and entrance automation. ASSA ABLOY’s innovations enable safe, secure and convenient access to physical and digital places. Every day, we help billions of people discover a more open world.

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/assa-abloy/r/assa-abloy-acquires-vhs-in-turkey,c3624038

The following files are available for download:

SOURCEASSA ABLOY

About Louis Miller

Check Also

Preview: Turkey vs Luxembourg – prediction, team news, rosters

Sports Mole previews Thursday’s Nations League clash between Turkey and Luxembourg, including predictions, team news …