Assa Abloy acquires Cedes in Switzerland

Assa Abloy has signed an agreement to acquire the Swiss company Cedes, a manufacturer of sensor technology to the door and elevator industry. "It is with satisfaction that I welcome Cedes into the Group. Cedes represents an important step in the strategy of adding more intelligence within our entrance automation business, that has grown from SEK 3 billion in 2008 to more than SEK 18 billion proforma in 2015", said Johan Molin, President and CEO of Assa Abloy. Juan Vargues, Assa Abloy Executive Vice President and Head of Division Entrance Systems added, "Cedes competence, experience and product offering in the sensor field is a strong addition to our current product portfolio and will lead to highly innovative and integrated solutions combining different technologies that will create new customer benefits".

Cedes was established in 1986 and has some 340 employees and is headquartered in Landquart, Switzerland. Sales for 2016 are expected to reach CHF 60 million (approx. SEK 510 million) with a good EBIT margin. The acquisition will be accretive to EPS from start. The transaction is expected to close during Q1 2016.

For more information please contact CEO Johan Molin (+46 8506 48542) or CFO Carolina Dybeck Happe (+46 8506 48572).