By Dominic Chopping
STOCKHOLM--Swedish lock maker Assa Abloy AB said Friday that it has acquired Sure-Loc, a U.S. supplier of residential locks and associated hardware.
"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 Assa Abloy Chief Executive Nico Delvaux.
Sure-Loc was established in 2002 and has 45 employees. Its main office is located in Salt Lake City.
Sure-Loc sales for 2020 amounted to about $14 million with a good earnings before interest and tax margin, it said.
Financial details weren't disclosed but Assa Abloy said the acquisition will be accretive to EPS from the start.
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(END) Dow Jones Newswires