ASSA ABLOY agrees to sell Citizen ID business to TOPPAN
By SSN Staff
Updated 12:48 PM CDT, Fri October 18, 2024
STOCKHOLM, Sweden—ASSA ABLOY announced it has signed an agreement to sell its Citizen ID business to TOPPAN.
The Citizen ID business area of HID manufactures, designs, and implements physical and mobile identity solutions for government to citizen programs around the globe. Citizen ID has some 450 employees with manufacturing facilities in Ireland, Malta and the U.S. Sales in 2023 amounted to about SEK 1,300 M.
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"I find it very satisfying that with TOPPAN, Citizen ID and its employees and customers get a committed long-term owner, creating new opportunities for the future and I wish them every success,” said Nico Delvaux, president and CEO of ASSA ABLOY.
“Over the past decade, our team has created a highly reputable offering of physical and digital citizen identity solutions,” noted Björn Lidefelt, EVP and head of HID. “I am pleased with the improved performance of our Citizen ID business, appreciative of our employees’ contributions to HID and enthusiastic about their future success with TOPPAN.”
According to ASSA ABLOY, the transaction will have a positive effect on the company´s operating margin going forward. The capital result before taxes is expected to be insignificant.
The transaction is subject to customary closing conditions, regulatory approvals, and employee consultation and is expected to close during the first quarter of 2025.
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