By Dominic Chopping
STOCKHOLM--Sweden's Assa Abloy AB said Wednesday that it has signed an agreement to acquire MR Group's hardware division, a supplier of aluminum profile hardware and locks in Portugal.
"This acquisition delivers on our strategy to strengthen our position in the mature markets through adding complementary products and solutions to our core business," Chief Executive Nico Delvaux said.
MR Group's hardware division has around 380 employees and has its main office located in Agueda, Portugal. Sales for 2020 amounted to around 23 million euros ($28.1 million) and the acquisition will be accretive to earnings per share from the start, Assa Abloy said.
The acquisition is subject to regulatory approval and customary closing conditions and is expected to close during the third quarter of 2021.
Financial terms weren't disclosed.
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