ASSA ABLOY acquires Lawrence Doors
By SSN Staff
Updated 1:55 PM CST, Wed November 6, 2024
STOCKHOLM — ASSA ABLOY has acquired Lawrence Doors, a U.S. manufacturer of coiling steel doors, grilles and counter shutters.
Lawrence Doors was founded in 1925 and has some 120 employees. The main office and factory are located in Baldwin Park, Calif. Lawrence Doors will be part of the Business Segment Residential within the Entrance Systems Division.
"I am very pleased to welcome Lawrence Doors into the ASSA ABLOY Group. This acquisition delivers on our strategy to strengthen our position in mature markets through adding complementary products and solutions to our core business,” said Nico Delvaux, president and CEO of ASSA ABLOY.
"With the acquisition of Lawrence Doors, we are set to enter the rapidly growing coiling steel market and establish a strong presence on the US West Coast," says Massimo Grassi, executive vice president of ASSA ABLOY and head of the Entrance Systems Division. "This acquisition will also equip us with the expertise and product portfolio needed to better serve our dealers and customers.”
The acquisition comes following ASSA ABLOY’s divestment of Citizen ID to TOPPAN in October, a move meant to strengthen the portfolio of the company, which Delvaux referred to as a “…net acquirer”.
Sales for 2023 amounted to about MUSD 31 (approx. MSEK 320) with a strong EBIT margin. The acquisition will be accretive to EPS from the start.
Comments