Assa Abloy acquires Pioneer Industries
The world’s largest lock maker, Assa Abloy, has signed an agreement to acquire Pioneer Industries, a U.S.-based manufacturer and supplier of steel doors and frames for the commercial market. Pioneer has a 90 year history, and (according to its website) has “built its reputation atop three principles on which our customers can always rely: Quality. Value. Personal Attention.” Assa Abloy will strive to maintain that high level of service, and bring Pioneer safely into the fold as yet another solid offering in its security business.
Assa Abloy’s share price has risen by 3% over the past 30 days
SOURCE: Yahoo Finance
Assa Abloy’s president and CEO, Nico Delvaux, made the following comment over the acquisition: "I am very pleased to welcome Pioneer Industries into the ASSA ABLOY Group. Pioneer Industries is a complementary addition to ASSA ABLOY. The company reinforces our strong position in North America and is an additional opportunity to provide a complete range of products for total door opening solutions."
Lucas Boselli, Assa Abloy’s executive vice president and head of the Americas division, also made a comment, adding: "The addition of Pioneer allows us to fortify our steel door and frame offering in the US and in particular the Atlantic region."
Pioneer has about 100 employees and Assa Abloy expects the company’s sales to hit $22 million for 2018. Additionally, it said that “the acquisition will be accretive to EPS from the start.” The acquisition is expected to close during the second quarter of 2018.
Dominion holds Assa Abloy in its Global Trends Managed Fund.
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