Competition Authorities Approves Swesafe Acquisition by ASSA ABLOY

The competition authorities has approved the Swesafe acquisition. Swesafe is the largest locksmith business in Sweden and the acquisition will be completed in April 2011.

Swesafe will be run as a completely separate unit within ASSA ABLOY Scandinavia and Göran Burenstam Linder will continue as Managing Director. Swesafe will become a sister company to both ASSA AB and Copiax AB.

Swesafe’s 2010 sales was SEK 443 M. Swesafe has 24 branches and more than 300 employees. The acquisition will be slightly accretive to earnings per share from start.