Published on 25 July, 2013
|Through the acquisition, Gunnebo will strengthen its hold in the South Korean market
Gunnebo Security Group has signed an agreement with the owner of ATG Entrance Corporation, distributor of Gunnebo turnstile product range into the South Korean market, to acquire all shares in the company.
ATG Entrance Corporation has an annual turnover of some 4 MEUR and 13 employees in its sales office in Seoul. The company has a solid customer base with leading South Korean corporations as LG, Samsung, Hyundai and the government of South Korea. The company has been the distributor of Gunnebo's turnstile product range into the South Korean market for ten years. The company holds 70% of the South Korean market for turnstiles.
“South Korea is one of the advanced economies in Asia and a very interesting market for Gunnebo”, says Gunnebo’s President and CEO Per Borgvall. “The acquisition of ATG Entrance Corporation is very much in line with Gunnebo’s strategic agenda to move the point of gravity to markets outside Europe. ATG is the South Korean market leader in turnstiles with a strong existing customer base. We also see ATG as a good platform to introduce other offerings from Gunnebo into the South Korean market as well as to surrounding countries”.