Assa Abloy Acquires MR Group's Hardware Division in Portugal
June 8, 2021
Assa Abloy signed an agreement to acquire MR Group´s hardware division, a leading supplier of aluminum profile hardware and locks in Portugal. The acquisition is subject to regulatory approval and customary closing conditions and is expected to close during the third quarter of 2021.
"I am very pleased to welcome the MR Group hardware division into the ASSA ABLOY Group. This acquisition delivers on our strategy to strengthen our position in the mature markets through adding complementary products and solutions to our core business,” says Nico Delvaux, president and CEO of Assa Abloy.
"We are committed to growing our mechanical core business and the acquisition of the MR Group hardware division will help us drive that through expanding our product portfolio and improving our regional footprint,” says Neil Vann, executive vice president of Assa Abloy and head of EMEIA Division.
MR Group´s hardware division has about 380 employees, and the company was established in 1976. The main office is located in Águeda, Portugal. The acquisition will be accretive to EPS from start.