Dormakaba : signs agreement to divest its project installation business in Norway
July 02, 2020 at 12:39 am EDT
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dormakaba has reached an agreement on the sale of its project installation business in Norway. The purchaser of the business will be Låssenteret, which is a well-established Norwegian Security installation group. With this transaction, Låssenteret and dormakaba will further strengthen their already existing commercial relationship.
The transfer of assets, liabilities and employments is expected to take place in the third quarter of 2020. The transaction will affect around 80 employees of dormakaba. The parties have agreed not to disclose financial terms of the transaction.
The divestment of its Norwegian project installation business is part of dormakaba´s business portfolio optimization and its efforts to concentrate on the core business. dormakaba will adjust its Norwegian business model to the global dormakaba operating model with clear focus on product, service and solution sales and will additionally optimize its operational efficiency.
'With the divestment of our project installation business in Norway, we realign our business model and are eliminating channel conflicts with important customers. Our customers and partners will benefit from this transaction as the transferred activities match the buyers core business and will open new opportunities for growth and future success for the business and the affected employees', Steve Bewick, COO Access Solutions EMEA.
Download Media Release (PDF)20-07-02_divestment_project_installation_business_norway_EN_final.pdf - 29 KB
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DORMA+KABA Holding AG published this content on 02 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 July 2020 04:38:05 UTC
Dormakaba Holding AG is a Switzerland-based company engaged in the provision of access solutions and systems in the security industry. The Company operates in three business segments: the Access + Data Systems segment products range from mechanical and mechatronic lock cylinders, networked access control solutions, pushbutton locks, digital locking systems, access control and management software, card readers, and hotel locking systems to electronic high-security locking solutions, Automated Teller Machine (ATM) locks, transit and cargo security products, as well as locks and cylinders for Original Equipment Manufacturer (OEM) use; the Key Systems segment offers products, ranging from keys, key blanks and transponder keys to mechanical, electronic and (semi-)industrial key cutting and origination machines, as well as duplication equipment, and Other segment includes operations involving contactless identification systems, which are based on Legic smartcard technology.
DORMAKABA HOLDING AG 
