ASSA ABLOY has signed an agreement to acquire MR Group's hardware division, a supplier of aluminum profile hardware and locks in Portugal.
Portfolio expansion
"I am very pleased to welcome the MR Group hardware division into the ASSA ABLOY Group. This acquisition delivers on our strategy to strengthen our position in the mature markets through adding complementary products and solutions to our core business,” says Nico Delvaux, President, and CEO of ASSA ABLOY.
"We are committed to growing our mechanical core business and the acquisition of the MR Group hardware division will help us drive that through expanding our product portfolio and improving our regional footprint,” says Neil Vann, Executive Vice President of ASSA ABLOY and Head of EMEIA Division.
Acquisition approvals
MR Group's hardware division has some 380 employees, and the company was established in 1976. The main office is located in Águeda, Portugal. Sales for 2020 amounted to about 23 MEUR (approx. 230 MSEK) with a good EBIT margin. The acquisition will be accretive to EPS from start.
The acquisition is subject to regulatory approval and customary closing conditions and is expected to close during the third quarter of 2021.