Assa Abloy

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Assa Abloy AB
Company type Public ( Aktiebolag )
Nasdaq Stockholm:  ASSA B
ISIN SE0007100581
Industry Manufacturing and services
Founded1994;30 years ago (1994) [1]
Headquarters Stockholm, Sweden
Key people
Johan Hjertonsson (Chairman), Nico Delvaux (President and CEO)
Products Locks, automatic and security doors
RevenueIncrease2.svg 140.7 kr billion [2]  (2023)
Increase2.svg 22.18 kr billion [2]  (2023)
Increase2.svg 13.64 kr billion [2]  (2023)
Total assets Increase2.svg 196.3 kr billion [2]  (2023)
Total equity Increase2.svg 91.64 kr billion [2]  (2023)
Number of employees
61,000 [2]  (2023)
Website assaabloy.com

Assa Abloy AB is a Swedish Group whose offerings include products and services related to locks, doors, gates, and entrance automation. Related products and services include controlling access and confirming identities with keys, cards, tags, mobile, and biometric identity verification systems. [3]

Contents

The company was formed in 1994, when Assa AB was separated from Swedish security firm Securitas AB. Shortly thereafter, Assa AB merged with the Finnish high security lock manufacturer Abloy Oy (based in Joensuu, a then subsidiary of the Finnish company Wärtsilä). The company was introduced to the Stockholm Stock Exchange later the same year. Assa Abloy has since made over 300 acquisitions including Yale, Chubb Locks, Medeco in the United States, Mul-T-Lock in Israel and Fichet-Bauche in France. [4] Its two largest shareholders are Latour and Melker Schörling AB. [5] [6]

Name

Assa Abloy was founded at the merger of the two companies Assa and Abloy in 1994. Assa stands for August Stenman Stenman August. [7] [8] The name Abloy comes from a contraction of the Swedish Finnish bilingual name Ab Låsfabriken Lukkotehdas Oy , meaning literally Corp. Lock Factory Lock Factory Corp. (first Corp. and Låsfabriken from Swedish, last Lukkotehdas and Corp. from Finnish). In 1919[ when? ] the company was renamed Aktiebolag Lukko Osakeyhtiö, understood word for word as Corp. Lock Corp.

History

Founding, growth and development

Assa Abloy was formed in 1994, through the merger of Swedish firm ASSA and Finnish high security lock manufacturer Abloy. [9] The company was introduced to the Stockholm Stock Exchange later the same year. [10]

From a regional company with 4,700 employees in 1994, Assa Abloy has become a global group with 61,000 employees in 2023. [11] The company has grown its revenue by more than 9% annually and operates now in over 70 countries. [11]

Revenue in 2022 was SEK 120,793 M. [12] Sales revenue in 2023 was 140,716 M. The increase of 16% was a third due to the effects of the exchange rate. [6]

Brands

Acquisitions

In May 1999, the acquisition of Effeff Fritz Fuss [14] in Germany enabled Assa Abloy to enter the electromechanical lock market. Assa Abloy also acquires Mul-T-Lock in Israel, a manufacturer of high security locks. [15] Assa Abloy doubles in size in 2000, when it acquires the global lock group Yale Intruder Security. [16] In the same year, Assa Abloy acquires HID, adding electronic identification to its product portfolio. [17]

In April 2002, Assa Abloy Group acquired Besam, a Swedish company specialized in automatic pedestrian doors. [18] Another important acquisition for the group was Fargo Electronics, a company which develops systems for safe issuing of credit, bank, debit and ID cards. [19] This was followed by other acquisitions such as Baodean in China and Irevo in South Korea in 2007. [15]

In 2009, the Italian door automation manufacturer, Ditec, [20] was bought. Important acquisitions were also made in September 2011, with the purchase of Crawford and Flexiforce. [21] A number of purchases followed in 2012. In April 2012 Traka, a company specialising in key and asset management was acquired. [22] The group also acquired Albany Door Systems, a manufacturer of high speed industrial doors. [23] November 2013 came with the purchase of the Polish fire and security door manufacturer Mercor SA, [24] Ameristar USA, [25] and Amarr. [26]

In December 2018, Assa Abloy acquired Lorient, a UK based designer and manufacturer of high performance door sealing systems. [27]

In December 2018, Assa Abloy acquired Luxer One, a package locker business in the US. [28]

In February 2020, Assa Abloy acquired the UK-based, 140-strong biometric access and workforce management technology business, Biosite. [29]

In May 2021, Assa Abloy acquired Sure-Loc, the leading supplier of residential locks and associated hardware in the US. [30]

In September 2021, Assa Abloy acquired the Hardware and Home Improvement ("HHI") division of Spectrum Brands for $4.3 billion. HHI has a varied portfolio of products, including patented SmartKey technology and electronic, smart and biometric locks. Key brands include Kwikset, Baldwin, Weiser, Pfister and National Hardware. HHI is headquartered in Lake Forest, California with some 7,500 employees worldwide and has manufacturing facilities in the United States, Mexico, Taiwan, China, and the Philippines. [31] [32]

In December 2022, Assa Abloy acquired the New York-headquartered provider of rugged handheld mobile computers and readers, Janam Technologies. [33]

In October 2023, Assa Abloy acquired New York-headquartered manufacturer of high-security mechanical and electronic door hardware products in the U.S., Securitech Group Inc. [34]

Cooperation with colleges and universities

The company is a Corporate Partner in the Stockholm School of Economics partner program for companies that contribute financially to the college and works closely with regard to research and education. [35] In October 2015, Assa Abloy joined as partner to KTH Royal Institute of Technology’s Things, a start up hub for companies in the Internet-of-things sector. [36]

See also

Related Research Articles

<span class="mw-page-title-main">Securitas AB</span> Swedish security services company

Securitas AB is a security services, monitoring, consulting and investigation group based in Stockholm, Sweden. The group has over 300,000 employees in 53 countries worldwide. Securitas AB is listed at Nasdaq OMX Stockholm, Large Cap segment.

<span class="mw-page-title-main">Black+Decker</span> American manufacturer of power tools

Black+Decker is an American manufacturer of power tools, accessories, hardware, home improvement products, home appliances and fastening systems headquartered in Towson, Maryland, north of Baltimore, where the company was originally established in 1910. In March 2010, Black & Decker merged with Stanley Works to become Stanley Black & Decker. It remains a wholly owned subsidiary of that company.

<span class="mw-page-title-main">Disc tumbler lock</span> Finnish lock design

A disc tumbler or disc detainer lock is a lock composed of slotted rotating detainer discs. The lock was invented by Finnish founder of Abloy, Emil Henriksson (1886–1959) in 1907 and first manufactured under the Abloy brand in 1918.

ASSA can refer to:

Pfister, formerly called Price Pfister until 2010, is an American manufacturer of bathroom and lavatory faucets, shower systems, showerheads and accessories, kitchen faucets and other plumbing fixtures. Emil Price and William Pfister founded the company in 1910. Today, Pfister is owned by Assa Abloy.

<span class="mw-page-title-main">Chubb Locks</span>

Chubb Locks is a former brand name of the Mul-T-Lock subsidiary of the Assa Abloy Group, which manufactures locking systems for residential, secure confinement and commercial applications. When the brand licence expired in 2010 the name ceased to be used, with the same locks sold as Yale or Union locks.

<span class="mw-page-title-main">HID Global</span> American manufacturer

HID Global is an American manufacturer of secure identity products. The company is an independent brand of Assa Abloy, a Swedish door and access control conglomerate. Björn Lidefelt was appointed CEO on 27 January 2020. He succeeded Stefan Widing, who led HID Global for over four years.

Medeco, a subsidiary of the Swedish Assa Abloy Group, is a lock manufacturer located in Roanoke County, Virginia, United States.

<span class="mw-page-title-main">Chubb Fire & Security</span>

Chubb Fire & Security is a global organization specialised in fire protection and security systems, and is a subsidiary of APi Group Corporation.

Tor Sørnes was a Norwegian author, politician, engineer and the designer and inventor of the VingCard, the first recodable keycard lock and the magnetic stripe keycard lock.

<span class="mw-page-title-main">Kwikset</span>

Kwikset is an American lock and lockset manufacturer owned by Spectrum Brands Hardware and Home Improvement Group (HHI), a Division of Spectrum Brands, and is in the process of being acquired by Assa Abloy. Originally Gateway Manufacturing Company, Kwikset was founded in California in 1946 by Adolf Schoepe, and Karl Rhinehart.

Besam was an international supplier and manufacturer of automatic entrance equipment for commercial, health care and residential buildings owned by Assa Abloy. The product portfolio included automatic doors, automatic swing doors, sliding doors and revolving doors, as well as air curtains and dedicated service and maintenance.

Spectrum Brands Holdings, Inc. is an American diversified company headquartered in Middleton, Wisconsin. It was established in 2005 as the successor to Rayovac Corporation. It is one of the Fortune 500 companies, and among the largest of its kind.

<span class="mw-page-title-main">Yale (company)</span> American lock manufacturer

Yale is a lock manufacturer and a subsidiary of Assa Abloy. The company is headquartered in Stockholm, Sweden. Its initial product was the Yale lock, invented by Linus Yale Sr., and it became the foundation of the enterprise founded by Linus Yale Jr. and Henry R. Towne.

<span class="mw-page-title-main">Williams Holdings</span>

Williams Holdings was a major British conglomerate. It was listed on the London Stock Exchange, and was a constituent of the FTSE 100 Index.

<span class="mw-page-title-main">Lockset</span>

A lockset is the hardware and components that make up the locking or latching mechanism that can usually be found on a door or other hinged object but can also include sliding doors and dividers. The components of a lockset can include the door handles, latch bolt, dead bolt, face plate, strike plate, escutcheon, thumbturn, push button, turn button, and other trim. The lockset and associated hardware typically defines a door's function and how a user could access the two adjacent spaces defined by the opening associated with the lockset.

<span class="mw-page-title-main">Mul-T-Lock</span> Israeli lock manufacturer

Mul-T-Lock is an Israeli company that develops padlocks, combination locks and related security products. it was founded in 1973 by Moshe Dolev and Avraham Bahry it is a subsidiary of Assa Abloy.

<span class="mw-page-title-main">VingCard Elsafe</span>

VingCard Elsafe, whose origin was in Moss, Norway, is an international producer of hotel locking systems, electronic in-room safes and energy management systems. After inventing the first mechanical hole card operated lock in 1976, VingCard was acquired in 1994 by ASSA ABLOY, and merged with the electronic safe producer Elsafe to form VingCard Elsafe in 2006. Since 2015 VingCard Elsafe is not an operating company, but a product brand within ASSA ABLOY Global Solutions.

<span class="mw-page-title-main">August Home</span>

August, Inc is a San Francisco-based home automation company, focusing on Wi-Fi connected door locks and doorbell cameras. The company was founded in November 2012 by Yves Béhar and Jason Johnson.

<span class="mw-page-title-main">Emtek (hardware)</span> American door and cabinet hardware manufacturer

Emtek is a door and cabinet hardware manufacturer based in the City of Industry, Los Angeles County. Since 2023, the company has been owned by Fortune Brands Innovations.

References

  1. ↑ "Timeline". About. Assa Abloy. Retrieved 22 May 2018.
  2. 1 2 3 4 5 6 Assa Abloy: "Annual Report 2023"
  3. ↑ "Annual Report 2018" (PDF). Investors. Assa Abloy. Retrieved 27 May 2019.
  4. ↑ "Acquisitions". Investors. Assa Abloy. Retrieved 27 May 2019. Assa Abloy has made over 200 acquisitions since the Group was formed in 1994, and has a target of 5 percent acquired growth over a business cycle
  5. ↑ "Our largest shareholders". Assa Abloy. Retrieved 24 March 2023.
  6. 1 2 "Annual report 2023" (PDF). ASSA ABLOY. 11 March 2024. Retrieved 2 April 2024.
  7. ↑ ASSA History
  8. ↑ Assa Abloy: History
  9. ↑ "Assa Abloy Group | Historical highlights from locks in 1994 to door openings solutions in 2016". www.assaabloy.com. Assa Abloy. Retrieved 3 June 2019.
  10. ↑ Assa Abloy Acquisitions Archived 6 December 2013 at the Wayback Machine
  11. 1 2 "Assa Abloy Group | About the ASSA ABLOY group". www.assaabloy.com. Assa Abloy. Retrieved 2 April 2024.
  12. ↑ "Annual Report 2022" (PDF). Assa Abloy. 14 March 2023. p. 4. Retrieved 24 March 2023.
  13. ↑ "Our Brands".
  14. ↑ "Assa Abloy Acquires German effeff Fritz Fuss KGaA - The World's Leading Manufacturer of Electric Strikes. - Free Online Library". Thefreelibrary.com. Retrieved 22 August 2017.
  15. 1 2 "About Us - History". www.assaabloy.com. Assa Abloy. Retrieved 5 June 2019.
  16. ↑ The Internationalists: Masters of the Global Game , p. 18, at Google Books
  17. ↑ "Assa Abloy Acquires HID, World Leader in Identification Technology for Access Control. - Free Online Library". Business Wire. Thefreelibrary.com. 6 November 2000. Retrieved 29 August 2015.
  18. ↑ "Assa Abloy Acquires Besam - World Leader in Door Automatics Other OTC:ASAZF" . Globenewswire.com. 29 April 2002. Retrieved 22 August 2017.
  19. ↑ "Assa Abloy'S HID Global Corporation to Acquire Fargo Electronics Inc.; Acquisition Expands Opportunities for Both Companies in Secure Card Issuance and Electronic Access Control. - Free Online Library". Thefreelibrary.com. Retrieved 22 August 2017.
  20. ↑ "FE Investegate |Assa Abloy Announcements | Assa Abloy: Assa Abloy acquires Ditec, a global leader in e". Investegate.co.uk. 29 July 2009. Retrieved 29 August 2015.
  21. ↑ "Assa Abloy Expects Crawford Integration, Efficiency Cost Of SEK 1.33 Bln". Rttnews.com. 22 September 2011. Archived from the original on 19 October 2015. Retrieved 29 August 2015.
  22. ↑ "Traka History | traka". www.traka.com. Retrieved 27 June 2023.
  23. ↑ "Assa Abloy has finalized the acquisition of Albany Door Systems". Reuters. 11 January 2012. Archived from the original on 19 October 2015. Retrieved 22 August 2017.
  24. ↑ "Assa Abloy acquires Mercor SA's fire Doors business Stockholm Stock Exchange:ASSA B". Globenewswire.com. 6 September 2013. Retrieved 29 August 2015.
  25. ↑ "Assa Abloy acquires Ameristar". Archived from the original on 2 May 2014. Retrieved 20 August 2019.
  26. ↑ Chopping, Dominic (7 November 2013). "Assa Abloy buys U.S. garage-door maker Amarr". MarketWatch. Retrieved 29 August 2015.
  27. ↑ ABLOY, ASSA. "Press Release". assaabloy.com. Retrieved 5 August 2020.
  28. ↑ "ASSA ABLOY acquires Luxer One in the US | ASSA ABLOY". www.assaabloy.com. Retrieved 9 August 2022.
  29. ↑ Prior, Grant (10 February 2020). "ASSA ABLOY acquires site access specialist Biosite". Construction Enquirer. Retrieved 10 February 2020.
  30. ↑ ABLOY, ASSA. "ASSA ABLOY acquires Sure-Loc in the USA". assaabloy.com. Retrieved 5 July 2021.
  31. ↑ "Spectrum Brands : Assa Abloy acquires the HHI division of Spectrum Brands for MUSD 4,300". marketscreener.com. 9 September 2021. Retrieved 9 September 2021.
  32. ↑ Rhodes, Brian (9 September 2021). "Assa Abloy Acquiring HHI / Kwikset". IPVM. Retrieved 10 September 2021.(Subscription required.)
  33. ↑ FinSMEs (27 December 2022). "Assa Abloy Acquires Janam Technologies". FinSMEs. Retrieved 28 December 2022.
  34. ↑ Assa Abloy (4 October 2023). "Assa Abloy Acquires Securitech Group Inc,". Assa Abloy. Retrieved 4 October 2023.
  35. ↑ "Corporate Partners". Archived from the original on 9 July 2015. Retrieved 20 August 2019.
  36. ↑ "Partners — THINGSTOCKHOLM". Archived from the original on 8 July 2015. Retrieved 8 July 2015.
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