Assa Abloy Buys Adams Rite Door Hardware Outfit

ASSA ABLOY has signed an agreement to acquire Adams Rite Manufacturing Co. Adams Rite is a US company with a leading position in aluminum door hardware, and designs and manufactures mechanical and electrical security products. The company has a strong brand and product offering in the aluminum door channels that are complementary to ASSA ABLOY. Annual sales amount to approximately USD 50 M with a good EBIT-margin and the acquisition is expected to be accretive to EPS from the date of acquisition. The Company has approximately 300 employees. The acquisition is subject to regulatory approval. The Company is headquartered in Pomona, California where it has both its corporate headquarters and main operating facility, which focuses on assembly. In the UK the Company is a leading distributor of mechanical and electrical security products for commercial aluminum doors. According to ASSA ABLOY Americas Division President, Thanasis Molokotos, “Adams Rite is an exciting addition to the ASSA ABLOY family with excellent management and a well deserved reputation for quality and innovation.” The President/CEO of Adams Rite, Dick Kreidel, said, “ASSA ABLOY is an ideal fit culturally, philosophically and in their core business values.”