ASSA ABLOY acquires Pan Pan, China's largest high security steel door
manufacturer
(Thomson Reuters ONE) - Pan Pan was established in 1982 and is headquartered in Yingkou,north of Beijing. The Company manufactures in six locations in Chinaand has more than 4,000 employees. Pan Pan has an annual capacity toproduce 2.4 million high security doors in the form of fire, antitheft, armored, corrosion proof and standard high security doors. Thecompany has an extensive well established distribution network acrossChina and complements well ASSA ABLOY's other door companies on theChinese market.Through the acquisition of Pan Pan the ASSA ABLOY Group furtherstrengthen its market leading position in China with an expectedtotal turnover of SEK 3,000 M by 2010."It is with great satisfaction I welcome Pan Pan to the ASSA ABLOYGroup. The acquisition fits in a perfect way our setup in China andis an important step in our strategy of expansion into the fastgrowing emerging markets. China has in only a few years become one ofour fastest growing and most important markets" says Johan Molin,President and CEO of ASSA ABLOY."The addition of Pan Pan's product portfolio complements our existingtotal door solution offering and it will be very important for ourfuture growth" says Jonas Persson, Head of Asia Pacific Division andExecutive Vice President of ASSA ABLOY.Pan Pan sales is expected to reach SEK 1,200 M in 2009. Theacquisition is EPS accretive from start.The acquisition is subject to regulatory approval.For more information, please contact:Johan Molin, President and CEO, tel no: +46 8 506 485 42Tomas Eliasson, CFO and Executive Vice President, tel no: +46 8 506485 72http://hugin.info/1014/R/1350638/326030.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 28.10.2009 - 08:02 Uhr
Sprache: Deutsch
News-ID 7501
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