Assa Abloy pushes further into India with latest acquisition
The world’s largest lock maker, Swedish security specialist Assa Abloy, is pushing further into the Indian market with another acquisition. The company has bought Shree Mahavir Metalcraft Pvt. Ltd for an undisclosed sum. Shree Mahavir is a market-leading manufacturer of architectural hardware and locks, as well as a vendor to leading lock brands in the country like Godrej and Dorma. This deal is Ass Abloys second Indian acquisition, and will add around 960 employees to its books.
Magnus Kagevik, Assa Abloy’s executive vice president and head of the Asia Pacific region, said:
“Shree Mahavir is an attractive addition to the Asia Pacific division and reinforces our position in the India market. The acquisition offers the potential to develop market-specific competitive products and complements our existing Indian business.”
Manu Ahuja, president of India and South-East Asia for Assa Abloy, added “Shree Mahavir will continue to function under the current management team led by its founders. The acquisition is critical for us in India, which is poised to become one of the largest markets for locks in the coming years.”
Assa Abloy has pursued a growth by acquisition strategy since 1995, and picked up more than 150 companies in its industry globally. According to Ahuja, the company foresees strong growth in the security market in India over the next few years. He told reporters that “we estimate the current market for locks and related hardware to be over Rs5,000 crore and growing.”
Dominion holds Assa Abloy in its Global Trends Managed Fund.
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