ASSA ABLOY acquires VHS in Turkey

STOCKHOLM, Sept. 1, 2022 /PRNewswire/ -- ASSA ABLOY has signed an agreement to acquire VHS Plastik Metal ("VHS"), a leading manufacturer of hardware systems for windows and doors based in Turkey.

"I am very pleased to welcome VHS into the ASSA ABLOY Group. This constitutes an important next step in our strategy to grow market leadership in emerging markets," says Nico Delvaux, President and CEO of ASSA ABLOY.

"We are very excited about the acquisition of VHS. This transaction is a step change to our existing trading business in Turkey and reinforces our long-term commitment to the local market. VHS offers a strong range of window and door hardware products that will complement our offer in Turkey.  VHS has a great team of people that I welcome to the ASSA ABLOY family and it gives us a local manufacturing footprint that offers great opportunities," says Neil Vann, Executive Vice President of ASSA ABLOY and Head of EMEIA Division.

VHS was established in 1997 and has some 440 employees. The main office and factory is located in Silivri, close to Istanbul.  

Sales for 2021 amounted to about MTRY 150 (approx. MSEK 150) with a good EBIT margin. The acquisition will be accretive to EPS from the start.

The acquisition is subject to customary closing conditions and is expected to close during the fourth quarter of 2022.

For more information, please contact:

Nico Delvaux, President and CEO, tel. no: +46 8 506 485 82
Erik Pieder, CFO and Executive Vice President, tel. no: +46 8 506 485 72 
Björn Tibell, Head of Investor Relations, tel. no: +46 70 275 67 68

About ASSA ABLOY

The ASSA ABLOY Group is the global leader in access solutions. The Group operates worldwide with 51,000 employees and sales of SEK 95 billion. The Group has leading positions in areas such as efficient door openings, trusted identities and entrance automation. ASSA ABLOY's innovations enable safe, secure and convenient access to physical and digital places. Every day, we help billions of people experience a more open world.

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SOURCE ASSA ABLOY