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Assa Abloy

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For the yacht, see Assa Abloy (yacht).

Assa Abloy AB
Company typePublic
Nasdaq Stockholm: ASSA B
ISINSE0007100581
IndustryManufacturing and services
Founded1994; 30 years ago (1994)[1]
HeadquartersStockholm, Sweden
Key people
  • Johan Hjertonsson (chairman)
  • Nico Delvaux (president and CEO)
ProductsLocks, automatic and security doors
RevenueIncrease 140.7 kr billion[2] (2023)
Increase 22.18 kr billion[2] (2023)
Increase 13.64 kr billion[2] (2023)
Total assetsIncrease 196.3 kr billion[2] (2023)
Total equityIncrease 91.64 kr billion[2] (2023)
Number of employees
61,000[2] (2023)
Websiteassaabloy.com

Assa Abloy AB is a Swedish Group whose offerings include products and services related to locks, doors, gates, and entrance automation. Related products and services include controlling access and confirming identities with keys, cards, tags, mobile, and biometric identity verification systems.[3]

The company was formed in 1994, when Assa AB was separated from Swedish security firm Securitas AB. Shortly thereafter, Assa AB merged with the Finnish high security lock manufacturer Abloy Oy (based in Joensuu, a then subsidiary of the Finnish company Wärtsilä). The company was introduced to the Stockholm Stock Exchange later the same year. Assa Abloy has since made over 300 acquisitions including Yale, Chubb Locks, Medeco in the United States, Mul-T-Lock in Israel and Fichet-Bauche in France.[4] Its two largest shareholders are Latour and Melker Schörling AB.[5][6]

Name

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Assa Abloy was founded at the merger of the two companies Assa and Abloy in 1994. Assa stands for August Stenman Stenman August.[7][8] The name Abloy comes from a contraction of the Swedish Finnish bilingual name Ab Låsfabriken Lukkotehdas Oy, meaning literally Corp. Lock Factory Lock Factory Corp. (first Corp. and Låsfabriken from Swedish, last Lukkotehdas and Corp. from Finnish). In 1919[when?] the company was renamed Aktiebolag Lukko Osakeyhtiö, understood word for word as Corp. Lock Corp.

History

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Founding, growth and development

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Assa Abloy was formed in 1994, through the merger of Swedish firm ASSA and Finnish high security lock manufacturer Abloy.[9] The company was introduced to the Stockholm Stock Exchange later the same year.[10]

From a regional company with 4,700 employees in 1994, Assa Abloy has become a global group with 61,000 employees in 2023.[11] The company has grown its revenue by more than 9% annually and operates now in over 70 countries.[11]

Revenue in 2022 was SEK 120,793 M.[12] Sales revenue in 2023 was 140,716 M. The increase of 16% was a third due to the effects of the exchange rate.[6]

Brands

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  • ASSA, Sweden (name giver) (August Stenman Stenman August)
  • Abloy, Joensuu & Helsinki, Finland (name giver) (AktieBolag Lukko OsakeYhtiö)
  • Arrow, United States
  • August Home, United States
  • Besam, Sweden (Bertil Samuelsson)
  • Baron, Canada[13]
  • Corbin Russwin, United States
  • Carlisle Brass, United Kingdom
  • FAB, Czech Republic
  • Guoqiang, China
  • HID (Hughes Identification Devices), United States
  • HKC Security, Ireland
  • Ikon, Germany
  • JPM, France (Jean Pierre Maquennehen)
  • Kwikset
  • Keso, Switzerland (Keller & Sohn)
  • LaFonte, Brazil
  • LIPS, The Netherlands
  • Litto, Belgium (Littoral)
  • Lockwood, Australia
  • Lorient, United Kingdom
  • MAUER, Bulgaria
  • Medeco, United States (Mechanical Development Company)
  • Mul-T-Lock, Israel
  • NEMEF, The Netherlands
  • Papaiz, Brazil
  • Phillips, Mexico
  • PTI Security Systems, United States (Preffered Technology Incorporated)
  • Rixson, United States
  • Ruko, Denmark (Rudolf Koreska)
  • Tesa, Spain (Talleres Eskoriaza Sociedad Annonima)
  • Traka, United Kingdom
  • Silvana, Brazil
  • SKIDATA, Austria
  • St Guchi, Malaysia
  • Sure-Loc Hardware, United States
  • Udinese, Brazil
  • Union, United Kingdom
  • Vachette, France
  • VingCard Elsafe, Norway
  • Yale, except for United States and Canada
  • Securitech, United States

Acquisitions

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In May 1999, the acquisition of Effeff Fritz Fuss[14] in Germany enabled Assa Abloy to enter the electromechanical lock market. Assa Abloy also acquires Mul-T-Lock in Israel, a manufacturer of high security locks.[15] Assa Abloy doubles in size in 2000, when it acquires the global lock group Yale Intruder Security.[16] In the same year, Assa Abloy acquires HID, adding electronic identification to its product portfolio.[17]

In April 2002, Assa Abloy Group acquired Besam, a Swedish company specialized in automatic pedestrian doors.[18] Another important acquisition for the group was Fargo Electronics, a company which develops systems for safe issuing of credit, bank, debit and ID cards.[19] This was followed by other acquisitions such as Baodean in China and Irevo in South Korea in 2007.[15]

In 2009, the Italian door automation manufacturer, Ditec,[20] was bought. Important acquisitions were also made in September 2011, with the purchase of Crawford and Flexiforce.[21] A number of purchases followed in 2012. In April 2012 Traka, a company specialising in key and asset management was acquired.[22] The group also acquired Albany Door Systems, a manufacturer of high speed industrial doors.[23] November 2013 came with the purchase of the Polish fire and security door manufacturer Mercor SA,[24] Ameristar USA,[25] and Amarr.[26]

In December 2018, Assa Abloy acquired Lorient, a UK based designer and manufacturer of high performance door sealing systems.[27]

In December 2018, Assa Abloy acquired Luxer One, a package locker business in the US.[28]

In February 2020, Assa Abloy acquired the UK-based, 140-strong biometric access and workforce management technology business, Biosite.[29]

In May 2021, Assa Abloy acquired Sure-Loc, the leading supplier of residential locks and associated hardware in the US.[30]

In September 2021, Assa Abloy acquired the Hardware and Home Improvement ("HHI") division of Spectrum Brands for $4.3 billion. HHI has a varied portfolio of products, including patented SmartKey technology and electronic, smart and biometric locks. Key brands include Kwikset, Baldwin, Weiser, Pfister and National Hardware. HHI is headquartered in Lake Forest, California with some 7,500 employees worldwide and has manufacturing facilities in the United States, Mexico, Taiwan, China, and the Philippines.[31][32]

In December 2022, Assa Abloy acquired the New York-headquartered provider of rugged handheld mobile computers and readers, Janam Technologies.[33]

On September 8, 2021, Assa Abloy announced that it had signed a definitive agreement to acquire Spectrum Brands' HHI division, including Kwikset, among other brands, for a purchase price of $4.3 billion. The transaction was initially expected to close in the fourth quarter of 2021. On June 20, 2023, the purchase of the "HHI" division of Spectrum Brands was completed, this included the Kwikset brand.

In October 2023, Assa Abloy acquired New York-headquartered manufacturer of high-security mechanical and electronic door hardware products in the U.S., Securitech Group Inc.[34]

In late July 2024, Assa Abloy announced plans to acquire SKIDATA from the Kudelski Group.[35]

Cooperation with colleges and universities

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The company is a Corporate Partner in the Stockholm School of Economics partner program for companies that contribute financially to the college and works closely with regard to research and education.[36] In October 2015, Assa Abloy joined as partner to KTH Royal Institute of Technology’s Things, a start up hub for companies in the Internet-of-things sector.[37]

See also

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References

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  1. ^ "Timeline". About. Assa Abloy. Retrieved 22 May 2018.
  2. ^ a b c d e f Assa Abloy: "Annual Report 2023"
  3. ^ "Annual Report 2018" (PDF). Investors. Assa Abloy. Retrieved 27 May 2019.
  4. ^ "Acquisitions". Investors. Assa Abloy. Retrieved 27 May 2019. Assa Abloy has made over 200 acquisitions since the Group was formed in 1994, and has a target of 5 percent acquired growth over a business cycle
  5. ^ "Our largest shareholders". Assa Abloy. Retrieved 24 March 2023.
  6. ^ a b "Annual report 2023" (PDF). ASSA ABLOY. 11 March 2024. Retrieved 2 April 2024.
  7. ^ ASSA History
  8. ^ Assa Abloy: History
  9. ^ "Assa Abloy Group | Historical highlights from locks in 1994 to door openings solutions in 2016". www.assaabloy.com. Assa Abloy. Retrieved 3 June 2019.
  10. ^ Assa Abloy Acquisitions Archived 6 December 2013 at the Wayback Machine
  11. ^ a b "Assa Abloy Group | About the ASSA ABLOY group". www.assaabloy.com. Assa Abloy. Retrieved 2 April 2024.
  12. ^ "Annual Report 2022" (PDF). Assa Abloy. 14 March 2023. p. 4. Retrieved 24 March 2023.
  13. ^ "Our Brands".
  14. ^ "Assa Abloy Acquires German effeff Fritz Fuss KGaA - The World's Leading Manufacturer of Electric Strikes. - Free Online Library". Thefreelibrary.com. Retrieved 22 August 2017.
  15. ^ a b "About Us - History". www.assaabloy.com. Assa Abloy. Retrieved 5 June 2019.
  16. ^ The Internationalists: Masters of the Global Game, p. 18, at Google Books
  17. ^ "Assa Abloy Acquires HID, World Leader in Identification Technology for Access Control. - Free Online Library". Business Wire. Thefreelibrary.com. 6 November 2000. Retrieved 29 August 2015.
  18. ^ "Assa Abloy Acquires Besam - World Leader in Door Automatics Other OTC:ASAZF". Globenewswire.com. 29 April 2002. Retrieved 22 August 2017.
  19. ^ "Assa Abloy'S HID Global Corporation to Acquire Fargo Electronics Inc.; Acquisition Expands Opportunities for Both Companies in Secure Card Issuance and Electronic Access Control. - Free Online Library". Thefreelibrary.com. Retrieved 22 August 2017.
  20. ^ "FE Investegate |Assa Abloy Announcements | Assa Abloy: Assa Abloy acquires Ditec, a global leader in e". Investegate.co.uk. 29 July 2009. Retrieved 29 August 2015.
  21. ^ "Assa Abloy Expects Crawford Integration, Efficiency Cost Of SEK 1.33 Bln". Rttnews.com. 22 September 2011. Archived from the original on 19 October 2015. Retrieved 29 August 2015.
  22. ^ "Traka History | traka". www.traka.com. Retrieved 27 June 2023.
  23. ^ "Assa Abloy has finalized the acquisition of Albany Door Systems". Reuters. 11 January 2012. Archived from the original on 19 October 2015. Retrieved 22 August 2017.
  24. ^ "Assa Abloy acquires Mercor SA's fire Doors business Stockholm Stock Exchange:ASSA B". Globenewswire.com. 6 September 2013. Retrieved 29 August 2015.
  25. ^ "Assa Abloy acquires Ameristar". Archived from the original on 2 May 2014. Retrieved 20 August 2019.
  26. ^ Chopping, Dominic (7 November 2013). "Assa Abloy buys U.S. garage-door maker Amarr". MarketWatch. Retrieved 29 August 2015.
  27. ^ ABLOY, ASSA. "Press Release". assaabloy.com. Retrieved 5 August 2020.
  28. ^ "ASSA ABLOY acquires Luxer One in the US | ASSA ABLOY". www.assaabloy.com. Retrieved 9 August 2022.
  29. ^ Prior, Grant (10 February 2020). "ASSA ABLOY acquires site access specialist Biosite". Construction Enquirer. Retrieved 10 February 2020.
  30. ^ ABLOY, ASSA. "ASSA ABLOY acquires Sure-Loc in the USA". assaabloy.com. Retrieved 5 July 2021.
  31. ^ "Spectrum Brands : Assa Abloy acquires the HHI division of Spectrum Brands for MUSD 4,300". marketscreener.com. 9 September 2021. Retrieved 9 September 2021.
  32. ^ Rhodes, Brian (9 September 2021). "Assa Abloy Acquiring HHI / Kwikset". IPVM. Retrieved 10 September 2021.(Subscription required.)
  33. ^ FinSMEs (27 December 2022). "Assa Abloy Acquires Janam Technologies". FinSMEs. Retrieved 28 December 2022.
  34. ^ Assa Abloy (4 October 2023). "Assa Abloy Acquires Securitech Group Inc,". Assa Abloy. Retrieved 4 October 2023.
  35. ^ Assa Abloy (22 July 2024). "Assa Abloy to acquire SKIDATA". Assa Abloy. Retrieved 22 July 2024.
  36. ^ "Corporate Partners". Archived from the original on 9 July 2015. Retrieved 20 August 2019.
  37. ^ "Partners — THINGSTOCKHOLM". Archived from the original on 8 July 2015. Retrieved 8 July 2015.
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