ASSA ABLOY has signed an agreement to sell its sensor technology business firm, CEDES in Switzerland to capiton AG.
Sensor technology solutions major
CEDES is a globally renowned sensor technology company in the elevators and door solutions business. The company was established in 1986 and has approximately 320 employees. The company is headquartered in Landquart, Switzerland.
"I find it very satisfying that with capiton AG, CEDES and its employees and customers gain a committed long-term investor, creating new opportunities for the future and I wish them every success,” said Nico Delvaux, President and CEO of ASSA ABLOY.
Expanding elevator sensors business
"CEDES now has the investment and expertise to grow and expand its core business of elevator sensors, allowing us to focus our resources on our core business of automated doors,” said Christopher Norbye, Executive Vice President of ASSA ABLOY and Head of Entrance Systems Division.
He adds, “CEDES is a well-performing business with high quality products, and we will continue to partner with the company as a preferred external supplier.”
The transaction will have a neutral effect on ASSA ABLOY's operating margin. The divestiture is subject to customary closing conditions and is expected to close during the fourth quarter of 2020.