ASSA ABLOY acquires Wesko Locks
By SSN Staff
Updated 1:58 PM CDT, Wed June 26, 2024
STOCKHOLM — ASSA ABLOY announced that it has acquired Wesko Locks Ltd, a Canadian manufacturer and supplier of electronic and specialty locks.
This acquisition marks the latest for ASSA ABLOY who also acquired access control developer and manufacturer Messerschmitt Systems in April, as well as wi-fi access and engagement platform solutions providers Nomadix and Global Reach in March this year. ASSA ABLOY’s aggressive acquisition strategy recently put it at odds with the U.S. Department of Justice, with which it reached a settlement in May of 2023.
"I am very pleased to welcome Wesko Locks 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,” says Nico Delvaux, President and CEO of ASSA ABLOY.
"Wesko Locks has an extensive portfolio that complements our current high-security products and solutions,” says Lucas Boselli, Executive Vice President of ASSA ABLOY and Head of the Americas Division. “Their focus on high quality, innovative products and excellent customer service reflects our values and I’m excited for them to be part of ASSA ABLOY.”
Wesko Locks was founded in 1990 and has some 70 employees. The main office and factory are located in Mississauga, close to Toronto, Canada.
Sales for 2023 amounted to about MCAD 22 (approx. MSEK 170) with a strong EBIT margin. The acquisition will be accretive to EPS from the start.
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