Assa Abloy announced on Friday that it had sold PACA, its French elevator maintenance subsidiary, to Finland's Kone, one of the world leaders in the sector, for an undisclosed sum.

The Swedish manufacturer of security systems says that PACA, which it inherited as part of the acquisition of agta record in 2020, generated sales of 30 million euros in 2022.

Founded in 1995, the company currently employs some 210 people.

In a press release, the group explains that this divestment is part of its strategy to focus on its core businesses, i.e. access solutions.

While the operation should have a positive impact on its operating margin, its effect on capital should prove insignificant.

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