ASSA ABLOY Acquires Jiawei in China

ASSA ABLOY has signed an agreement to acquire Jiawei, one of the leading suppliers of security locks in China.

“I am very pleased to welcome Jiawei into the ASSA ABLOY Group. Jiawei constitutes another important step in our strategy to grow market presence in China and other emerging markets,” said Johan Molin, president and CEO of ASSA ABLOY.

“Jiawei is a great addition to the Asia Pacific division. The acquisition broadens our presence in the OEM channel for door manufacturers and gives us important complementary access to the growing replacement market for security locks and cylinders in China,” said Magnus Kagevik, executive vice president of ASSA ABLOY and head of Division Asia Pacific.

Jiawei was established in 1995 and has 920 employees. The head office and factory is located in Jinhua, Zheijiang province, Eastern China.

Sales for 2015 are expected to reach SEK 500 million ($54 million) with a good EBIT margin. The acquisition will be accretive to EPS from start. The transaction is subject to regulatory approval and is expected to close during Q4 2014.