Acquisition opens new doors for Assa Abloy

SECURITY products group Assa Abloy, whose UK base is in Willenhall, has expanded its global presence with the acquisition of a French fire door manufacturer.

Assa, which owns the Yale brand and supports the jobs of hundreds of workers in the traditional heartland of UK lockmaking, has taken over Portafeu, the French market leader in customised fire doors, in an undisclosed deal.

The move follows the group’s acquisition last year of Walsall lock maker and hardware manufacturer, Paddock.

Portafeu supplies fire-rated flame-retardant, firebreak and blast-resistant doors for the commercial and residential sectors as well as bespoke contracts.

Johan Molin, president and chief executive of Assa Abloy, said the acquisition strengthened the group’s footprint in mature markets and constituted “an important part of our strategy to add complementary products and segments to our offerings”.

Portafeu’s focus on customised doors together with its significant maintenance and services activities, along with its large customer base, is said to make the acquisition an excellent addition to one of the group’s largest markets in Europe.

Tzachi Wiesenfeld, executive vice president of Assa Abloy, and head of its EMEA division – which manufactures and sells mechanical, electromechanical and electronic locks, cylinders, security doors and fittings, said: “We believe that Assa Abloy is an ideal partner to develop Portafeu’s potential further.”

Created in 1936 and headquartered in Romilly sur Andelle, Portafeu has 245 employees and sales of £26.7m (€ 30m) in the financial year 2010.

The acquisition is expected to be slightly accretive to EPS from the start.