Locks and Security News: your weekly locks and security industry newsletter
20th May 2020 Issue no. 508
Your industry news - first
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ASSA ABLOY has acquired Turvaykköset, the second largest locksmith in Finland
"The acquisition of Turvaykköset is very strategic and constitutes an important step for ASSA ABLOY into the locksmith channel in the Nordic region. I welcome in particular the addition of Turvaykköset that will add a lot of competence in the important Finnish market to the ASSA ABLOY Group", says Johan Molin, President and CEO of ASSA ABLOY.
"The acquisition of Turvaykköset reinforces our distribution footprint in Finland and helps us become more project orientated, focused on the offering of state of the art electronic products and service concepts", says Tzachi Wiesenfeld, Executive Vice President of ASSA ABLOY and Head of the EMEA division.
Turvaykköset will be run as a separate and independent unit within ASSA ABLOY Finland and the current management team of Turvaykköset will continue in their respective positions. Turvaykköset operates 12 branches with a focus on the Helsinki Metropolitan Area and currently has some 110 employees. Sales for 2015 are expected to reach EUR 21 M (approx SEK 200 M). Initially, the acquisition will be slightly dilutive to earnings per share.
8th October 2014