Stockholm, Sweden: Assa Abloy has acquired Metalind in Croatia, amarket leader for fire-rated, flame-retardant and firebreak doors for commercial applications and special closures.
"I am very pleased that Metalind is joining the Assa Abloy Group. The acquisition is another important step in our growth strategy on the emerging markets” says Johan Molin, President and CEO of Assa Abloy.
"Metalind’s focus on customised fire doors, with its significant installation activity, along with its large customer base, will give us a great opportunity to accelerate the development in the Balkan region,” says Tzachi Wiesenfeld , EVP of Assa Abloy and head of Division EMEA. ”We believe that Assa Abloy is an ideal partner to utilise Metalind’s potential further.”
Metalind was established in 1996, has 120 employees and is headquartered in Bjelvoar, Croatia. Sales are expected to reach EUR9 M in 2011 (approx SEK 82 M) with a good EBIT margin and it will be accretive to EPS from the start.