ASSA ABLOY acquires Invengo´s Textile Services business unit in France
ASSA ABLOY has acquired the textile services division of Invengo Information Technology Co., Ltd. This acquisition strengthens ASSA ABLOY's position in the RFID ecosystem and enhances growth opportunities within smart components.
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Rhea-AI Summary
ASSA ABLOY has acquired the textile services division of Invengo Information Technology Co., Ltd. This acquisition strengthens ASSA ABLOY's position in the RFID ecosystem and enhances growth opportunities within smart components. Invengo Textile Services, based in France, generated sales of approximately MEUR 11 in 2020. The deal is anticipated to be neutral to earnings per share from the outset. This strategic move aligns with ASSA ABLOY's goal of expanding its market presence, particularly in the commercial laundry sector.
Positive
- Acquisition enhances ASSA ABLOY's RFID ecosystem capabilities.
- Invengo's sales in 2020 were about MEUR 11, indicating a stable revenue base.
- The acquisition is expected to be neutral to earnings per share from the start.
- It provides complementary growth opportunities in smart components.
Negative
- None.
Details
News Market Reaction – ASAZY
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STOCKHOLM, March 3, 2021 /PRNewswire/ -- ASSA ABLOY has acquired the textile services business of Invengo Information Technology Co., Ltd, a leading real-time inventory management platform combining software, RFID tags, equipment and services to efficiently identify, track and monitor linen and textile assets.
"Invengo Textile Services is a strategic technological addition to the ASSA ABLOY Group. The company reinforces our current offering within the global RFID ecosystem. The acquisition of Invengo Textile Services enhances the Group's position within smart components and will provide complementary growth opportunities," says Nico Delvaux, President and CEO of ASSA ABLOY.
"The addition of Invengo Textile Services to HID's portfolio underscores our leadership position as solution enabler in the RFID market, particularly in the fast-growing commercial laundry sector," says Björn Lidefelt, Executive Vice President and Head of Global Technologies business unit HID Global.
Invengo Textile Services (formerly Tagsys) was founded in 1993 and has some 45 employees. Based in La Ciotat, France, it will be part of HID's Identification Technologies Business Area.
Sales in 2020 amounted to about MEUR 11 (approx. MSEK 110) and the acquisition will be neutral to EPS from 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
About ASSA ABLOY
The ASSA ABLOY Group is the global leader in access solutions. The Group operates worldwide with 48,000 employees and sales of SEK 88 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.
This information was brought to you by Cision http://news.cision.com
The following files are available for download:
Press release (PDF) | |
https://news.cision.com/assa-abloy/i/textile-services,c2884021 | Textile services |
View original content:http://www.prnewswire.com/news-releases/assa-abloy-acquires-invengos-textile-services-business-unit-in-france-301239372.html
SOURCE ASSA ABLOY
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