By Dominic Chopping
STOCKHOLM--Swedish lock maker Assa Abloy AB said Monday it has agreed to sell its sensor technology business Cedes in Switzerland to Capiton AG.
"Cedes now has the investment and expertise to grow and expand its core business of elevator sensors, allowing us to focus our resources on our core business of automated doors," said Christopher Norbye, head of Assa Abloy's entrance systems division.
Cedes is a sensor technology company in the elevator and door industry. It was established in 1986 and has some 320 employees. Sales in 2019 amounted to about 51 million euros ($60.4 million).
No deal value was disclosed but the transaction will have a neutral effect on Assa Abloy's operating margin, it added.
The sale is expected to close during the fourth quarter of 2020.
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