ASSA ABLOY Publishes 2024 Annual Report
ASSA ABLOY has published its 2024 Annual Report 2024, which can be viewed at www.assaabloy.com/investors.
“We can look back at a successful year in which ASSA ABLOY reached several milestones,” says Nico Delvaux, President & CEO of ASSA ABLOY. “In a challenging market, we delivered record earnings with the operating margin in line with our financial target. We achieved our Scope 1 & 2 carbon emission reduction target one year ahead of plan. During the year, we also celebrated the 30th anniversary of ASSA ABLOY and its remarkable journey. ASSA ABLOY is the global leader in access solutions and with continued focus and investments in innovation, we have a favorable position from which we will continue to lead our industry going forward.”
The annual report includes ASSA ABLOY’s first Corporate Sustainability Report Directive (CSRD), one year ahead of the mandatory requirement. The CSRD report provides further details on ASSA ABLOY’s work on sustainability including key outcomes in 2024.
ASSA ABLOY Acquires Wallace Perimeter Security
ASSA ABLOY has acquired Wallace & Wallace and Wallace Perimeter Security, a Canadian manufacturer, distributor and installer of perimeter fencing, door and gate solutions for the commercial and residential markets.
"I am very pleased to welcome Wallace & Wallace 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.
"By acquiring Wallace & Wallace, we are enhancing and complementing our Perimeter Security portfolio," says Massimo Grassi, Executive Vice President of ASSA ABLOY and Head of Entrance Systems Division. "This acquisition enables us to introduce new products to our existing and new customers while further strengthening our presence in Central Canada. We are excited about the opportunities this brings and are confident in the value it will create for our customers."
Wallace & Wallace was founded in 1946 and has some 160 employees. The main office and factory are located in Winnipeg, Manitoba, Canada. Wallace & Wallace will be part of the Business Segment Perimeter Security within the Entrance Systems Division.
Sales for 2024 amounted to about $57 million Canadian with a strong EBIT margin.
Paxton Tech Tours at New Headquarters
The security technology manufacturer Paxton is now hosting Paxton Tech Tour sessions at the company’s newly built U.S. headquarters in Greenville, South Carolina.
The Paxton Tech Tour is a free half-day commercial and technical experience that introduces security professionals to Paxton’s extensive security product line. Featuring live demos, hands-on product experience, exclusive access to discounted products, and free software, installers won’t want to miss it.
Gareth O’Hara, Chief Commercial Officer of Paxton, commented, “We are delighted to be welcoming installers to our brand-new US headquarters. It has been built to a world-class standard and reflects the scale of our ambition and belief in Greenville as a fantastic hub for Paxton.
“Installers that attend the tech tour get a combination of commercial and practical sessions designed to help grow their business. There’s something for everyone, from technical experts to business owners. It is the perfect chance to discuss business opportunities with our team and plan upcoming installations."
Attendees will get to check out the latest Net2 developments, discover the combined video and access control platform Paxton10, learn about PaxLock wireless electronic door handles, and experience Paxton’s video intercom system Entry with the recently released Paxton Entry app.
Every installer who attends will receive Net2 Pro software and an exclusive installer gift box. Additionally, attendees will gain access to heavily discounted Paxton demo equipment, enhancing their ability to demonstrate Paxton’s products to potential customers.
Each security installation company that attends will receive 100 Paxton Rewards points, which can be redeemed for various benefits. They’ll also get a free catered lunch and a tour of Paxton’s new, state-of-the-art headquarters. Furthermore, they’ll have the opportunity to explore the Customer Experience Room, a space where installers can showcase Paxton products through live demonstrations to their own customers.
There are also Paxton Tech Tour sessions being held across the United States. Reserve your free ticket now.
Tucker’s Farm Corporation Acquires Locksmith Firm
Tucker’s Farm Corporation, a value-oriented investment holding vehicle, has acquired one of the largest family-owned locksmiths in the United States through its tech-enabled locksmith and access-control holding company subsidiary, The Badlands Security Company (“Badlands”). The unidentified locksmith company, referred to “Platform Asset,” is over 70 years old and covers approximately 10,000 doors across its services.
Gabe Littman, COO of Tucker’s Farm Corporation, remarked: “Badlands is an exciting addition to the Farm’s growing family of companies. We have a phenomenal partner in our Platform Asset and feel that we can incubate a world-class, tech-enabled, access-control business with them and other partners. If there are any locksmiths out there that would like to join our family, please reach out!”
Badlands is dedicated to partnering with best-in-class locksmiths and access-control assets across North America. Badlands takes a technology-first approach, and its current partnership group covers approximately 10,000 doors. For more information, visit: www.badlandssecuritycompany.com.
The Key Safe Company Enters U.S Market
A UK key safe manufacturer is launching a new brand, Wolklok, in the United States in a bid to become a global player in innovative access management solutions.
The Wolflok offers the same features as its European contemporary the ark Tamo, such as patented illuminated buttons and multi-push button technology that accommodates more than 9.7 million passcode combinations.
Much like its domestic cousin, the maximum security Wolflok is durable and has achieved LPS1175 Issue 8 A10 & B1 attack security ratings from the Loss Prevention Certification Board (LPCB), making it the world's most secure push-button mechanical key safe.
James Buckle, Group Sales Director of The Key Safe Company, said: “Growing our sales overseas has long been an objective for the business. Thanks to a few setup changes, we’ve started to see major progress in Europe, where sales have risen dramatically in recent years. And we hope Wolflok will now spearhead our ambition to make serious in-roads into the security market in America.”
Formed in 1996 and based at Nunnery Park, The Key Safe Company employs around 30 people. The business began life as a value-added retailer, but has evolved into an original equipment manufacturer (OEM) that now designs, makes and sells a range of security products including police preferred key safes, secure cabinets, access control systems, key cabinets and padlocks.
According to the latest figures, the global key lock box market is projected to reach a valuation of $1.9 billion by 2033, expanding at a Compound Annual Growth Rate (CAGR) of 5.6% from 2025 to 2033.
The burgeoning demand for improved home and business security solutions, fuelled by rising crime rates and the increasing prevalence of unattended properties, has been cited as an accelerator of the market's growth.
It’s this forecasted growth The Key Safe Company is hoping to tap into further with the launch of the Wolflok range, which benefits from one-handed access with a hinged lid and ergonomic knob, advanced anti-pick technology and anti-drill hinge pins for extra protection.
The device has the capacity to help businesses improve their efficiency, meet regulatory requirements and provide better service and to a provide safe way for consumers to grant family, emergency responders and service providers point-of-need access to their homes.
For more information, visit www.wolflok.com
People in the News
Napco Security Technologies, Inc., Amityville, NY, has announced the promotion of Elliot Bean to Director of Distribution for all its security, access, and locking divisions, driving channel management of the company’s product lines, promotions, stocking levels, distribution activities & events. Bean, reporting to SVP Sales, NAPCO Security Technologies Stephen Spinelli, has a strong background in both planning and negotiations and is well-known and well-versed in all facets of security distribution.
Bean was formerly the Regional Sales Manager for the Napco Security & Fire division’s Metro NY area. He will be replaced by newly hired Kevin Britch. Britch is knowledgeable in security distribution and technology. A former security installer in New York, Britch will provide support for dealers in new product introductions, information, and training in his territory, i.e., the New York Metro Area, reporting to Troy Bonnano, Director of Sales, Fire & Security, North.
Contact Bean at (631-372-3445) and Britch at (631-358-2530.
Farmingdale, New York—IML Security (Island Master Locksmith), a leader in diverse security solutions and physical security integration, has added Peter Hash to its team as District Manager. With over 25 years of experience in service, sales, and leadership, Peter brings an unparalleled level of expertise to his new role.
In his new position as District Manager at IML, Hash will oversee a team of route-based locksmiths and field technicians, ensuring the highest level of customer satisfaction and operational efficiency. His responsibilities include project management, team mentorship, and driving business growth within the security and glass industries. Peter’s leadership style is rooted in fostering collaboration, enhancing technical expertise, and building strong relationships with customers and employees alike.
“Peter Hash is an outstanding addition to the IML Security family,” said Sean O’Hayre, President of IML Security. “His deep understanding of service excellence and his ability to cultivate high-performing teams align perfectly with our commitment to delivering rock-solid security and peace of mind to our customers. We are confident that Peter’s leadership will help us continue to grow and innovate in the New England market.”
IML Security has been a trusted partner in security solutions for over 30 years, serving over 3,500 bank branches, corporations, and institutions across the Northeast. From single-door locks to complex multi-facility access control systems, IML’s dedication to craftsmanship, attention to detail, and 24/7 emergency service has earned the loyalty of its customers.
“I’m excited to join a company with such a rich history of service and community engagement,” said Peter Hash. “The New England market holds tremendous potential, and I look forward to leveraging my experience to drive growth and continue delivering exceptional solutions to our customers.”
i-PRO Americas Inc. (formerly Panasonic Security), a leading global manufacturer of edge computing cameras for security and public safety, announced the appointment of Michelle Chapin as Director of Federal, where she will lead strategic growth initiatives, market expansion, and drive impactful outcomes within federal sectors. In this role, Chapin will spearhead partnerships with integrators, resellers and key stakeholders to support federal agency missions by providing enablement, services and cutting-edge public safety and security offerings that empower partners effectively.
“Michelle’s appointment reflects i-PRO’s ongoing commitment to delivering innovative and secure offerings that empower federal partners,” said Bill Brennan, President at i-PRO Americas, Inc. “Her extensive background in business development will play a crucial role in positioning i-PRO as a trusted leader in public safety technology for federal agencies.”
i-PRO makes it easy for federal organizations to do business with them by prioritizing compliance, security, and long-term support. All i-PRO products are NDAA compliant, ensuring federal agencies meet legal requirements with confidence. Additionally, i-PRO offers a robust 7-year warranty, providing peace of mind and reliability for long-term deployments. Cybersecurity is embedded in every aspect of i-PRO’s offerings, incorporating features that safeguard sensitive data and systems. Furthermore, i-PRO supports federal agencies through grants and cooperative purchasing programs, streamlining procurement processes and making it easier to access the best security products for their needs.
“I am thrilled to join i-PRO Americas and contribute to its mission of delivering advanced public safety technologies to federal agencies,” said Chapin. “I look forward to collaborating with our partners and leveraging my experience to drive growth and innovation in the federal space.”
For more information about i-PRO Americas, Inc., visit https://i-pro.com/.
