By Adria Calatayud
Sweden's Assa Abloy AB said Tuesday that it has sold certain businesses to Italy-based FAAC Group for 100 million euros ($119.4 million) as part of its commitment to address EU competition concerns regarding its acquisition of Agta Record AG.
The lock maker, which now owns 93% of Agta Record and last week filed a public tender offer for the remaining shares, said it has closed the sale of Agta Record's operations in the Netherlands, Austria, Hungary and Slovenia, as well as its own automatic-pedestrian door business in France and the U.K. Agta's high-speed door business located mainly in France has also been sold, it said.
These businesses had a turnover of around EUR93 million in 2019, Assa Abloy said.
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