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| Silvana and Metalika represent the Group’s first major acquisitions in the large Brazilian market |
ASSA ABLOY has signed an agreement to acquire Silvana, a leading lock company, and has acquired Metalika, a leading steel fire door company, both located in Brazil. The acquisitions significantly increase the Group’s footprint in Brazil.
"I am very pleased that Silvana and Metalika are joining the ASSA ABLOY Group. Silvana and Metalika represent the Group’s first major acquisitions in the large Brazilian market. This constitutes an important next step in our strategy to grow market presence in emerging markets,” says Johan Molin, President and CEO of ASSA ABLOY.
"With these two important acquisitions, ASSA ABLOY will now offer more comprehensive door opening solutions across the large Brazilian market,” says Thanasis Molokotos, Executive Vice President of ASSA ABLOY and Head of the Americas Division.
Silvana established in 1964, is located in Campina Grande, Paraiba, in northeastern Brazil. Metalika, established in 1999, is located in Sao Paulo, Brazil. Together they double ASSA ABLOY’s existing presence and add approximately 410 employees.
Sales for Silvana and Metalika are expected to reach a combined BRL 85 M (approx SEK 250 M) in 2015 with good EBIT margins. The acquisitions will be accretive to EPS from start.
The acquisition of Silvana is expected to close during Q4 2014.
