ASSA ABLOY announced that it has signed an agreement to acquire AM Group, an Australian industrial door company within entrance automation.
“I am very pleased to welcome AM Group and their employees into the ASSA ABLOY Group. I welcome this complementary addition to our business, specializing in innovative entrance automation,” says Nico Delvaux, President and CEO of ASSA ABLOY.
“AM Group complements both our product offering and our geographic coverage in Australia. By adding their strong product portfolio, which includes rolling steel doors and bi-fold doors, to ASSA ABLOY’s commercial network, technologies and competences, we will continue our successful journey,” says Mogens Jensen, Executive Vice President of ASSA ABLOY and Head of Entrance Systems Division.
Located in Sydney, Australia, the AM Group was founded in Australia in 1923 and has 425 employees with a sales for 2019 expected to reach about AUD 120 million (approx. SEK 800 million) with a good EBIT margin and the acquisition will be accretive to EPS from the start.
The acquisition is subject to regulatory approval and customary closing conditions and is expected to close during the first quarter of 2020.
