ASSA ABLOY acquires Wesko Locks in Canada

STOCKHOLM, June 25, 2024 /PRNewswire/ — ASSA ABLOY has acquired Wesko Locks Ltd, a Canadian manufacturer and supplier of electronic and specialty locks.

“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.

For more information, please contact:
Nico Delvaux, President and CEO, tel. no: +46 8 506 485 82
Erik Pieder, CFO and Executive Vice President, tel. no: +46 8 506 485 72
Björn Tibell, Head of Investor Relations, tel. no: +46 70 275 67 68

The ASSA ABLOY Group is the global leader in access solutions. The Group operates worldwide with 61,000 employees and sales of SEK 141 billion. The Group has leading positions in areas such as efficient door openings, trusted identities and entrance automation. ASSA ABLOY’s innovations enable safe, secure and convenient access to physical and digital places. Every day, we help billions of people experience a more open world.

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SOURCE ASSA ABLOY