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ASSA ABLOY AB (ASAZY) reports developments tied to its global access solutions business, including efficient door openings, trusted identities, entrance automation and secure access to physical and digital places. Company news commonly covers quarterly operating and financial results, organic and acquired growth by division, currency effects, cash flow and segment trends across Americas, EMEIA, Asia Pacific, Global Technologies and Entrance Systems.
Recurring updates also include acquisitions that add products or technologies in physical security lifecycle management, perimeter security, remote care, secure issuance and document personalization. Governance news includes annual general meeting resolutions, dividends, board composition, auditor appointments and remuneration matters.
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ASSA ABLOY has acquired Janam Technologies, a US-based provider of handheld mobile computers and readers, enhancing its event access portfolio with advanced scanning technology. The acquisition, announced on December 27, 2022, is expected to contribute to earnings per share (EPS) immediately. Janam reported sales of approximately MUSD 21 in 2021 and operates within HID's Identification Technologies Business Area. This strategic move aims to leverage Janam's technology to improve the event experience for users worldwide.
ASSA ABLOY has finalized binding agreements with Fortune Brands Home & Security, Inc. for the sale of Emtek and its Smart Residential business in the U.S. and Canada. This $800 million divestiture is aimed at addressing competitive concerns raised by the U.S. Department of Justice regarding ASSA ABLOY's $4.3 billion acquisition of Spectrum Brands' Hardware and Home Improvement division. The sale is expected to close in Q2 2023, contingent upon successful defense against DOJ objections. The divested businesses generated about $350 million in sales in 2021.
ASSA ABLOY has received validation from the Science Based Targets initiative (SBTi) for its greenhouse gas emission reduction targets. The company aims to halve absolute emissions by 2030, reaching net-zero by 2050. SBTi's endorsement confirms that these goals align with the Paris Climate Agreement. ASSA ABLOY plans to cut Scope 1 and 2 emissions by 50% and reduce its wider value chain emissions (Scope 3) by 28%. The company emphasizes the importance of sustainability for future economic growth.
ASSA ABLOY held its Capital Markets Day in London on November 16, 2022, outlining its strategic direction and reaffirming financial targets of an EBIT-margin of 16-17% and annual sales growth of 10%. The event featured presentations on mobile credentials and profitable growth opportunities, with key executives participating. No detailed outlook was provided, but the company emphasized ongoing efforts in expanding its market presence. ASSA ABLOY operates globally with 51,000 employees and sales of SEK 95 billion.
ASSA ABLOY has announced the formation of its Nomination Committee for the 2023 Annual General Meeting, set for April 26, 2023, in Stockholm, Sweden. The committee is chaired by Anders Mörck from Investment AB Latour, with members including representatives from Melker Schörling AB, Swedbank Robur Fonder, CBNY-Norges Bank, and Alecta. This committee will prepare proposals regarding the election of board members and remuneration, among other responsibilities. Shareholders can submit proposals via email to the Nomination Committee.
ASSA ABLOY reported a strong performance in Q3 2022, achieving net sales of SEK 31,820 M, a 33% increase from SEK 23,930 M in Q3 2021. Organic growth reached 14%, despite a 16% negative impact from exchange rates. Operating income (EBIT) rose by 47% to SEK 4,973 M, with an operating margin of 15.6%. Net income was SEK 3,552 M, up 48% year-over-year. Six acquisitions were signed, contributing to future growth. However, the U.S. Department of Justice plans to block its acquisition of Spectrum Brands' HHI division, which will be contested in court.
ASSA ABLOY has acquired Bird Home Automation GmbH, the German manufacturer of IP door intercoms, for single and multi-family buildings. The acquisition aims to enhance ASSA ABLOY's offering in the Smart Residential segment, supporting growth and innovation in home security. With 110 employees and sales of approximately MEUR 21 in 2021, DoorBird is expected to contribute positively to ASSA ABLOY's earnings per share (EPS) from the outset, reinforcing its strategic position in residential security.
ASSA ABLOY announced its intent to contest the U.S. Department of Justice's (DOJ) move to block its acquisition of the HHI division of Spectrum Brands (NYSE:SPB) for MUSD 4,300. The companies assert that the merger will bolster investment in residential segments and enhance their product offerings. ASSA ABLOY's CEO, Nico Delvaux, emphasizes the expected innovation and consumer benefits from the merger. The acquisition agreement has been extended to June 30, 2023, as both parties remain committed to overcoming regulatory challenges.
ASSA ABLOY has signed an agreement to acquire Control iD, a Brazilian developer of access control and time & attendance solutions. This strategic move enhances ASSA ABLOY's biometric offerings, particularly in facial recognition technology, reinforcing its market position in emerging markets. Control iD generated sales of approximately MBRL 130 (approx. MSEK 250) in 2021 with a strong EBIT margin. The acquisition is expected to be accretive to earnings per share from the outset and is set to close in Q4 2022, pending regulatory approval.