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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.
The acquisition of the HHI division from Spectrum Brands by ASSA ABLOY is valued at MUSD 4,300, expected to finalize in 2022 after regulatory approval. Initially planned for Q4 2021, the regulatory process continues to progress. ASSA ABLOY's President and CEO, Nico Delvaux, expressed confidence in the acquisition, highlighting its strategic importance as the company aims to strengthen its position in access solutions.
ASSA ABLOY reported an 8% increase in net sales for Q3 2021, reaching SEK 23,930 M, driven by strong organic growth of 7% in the Americas and Entrance Systems. However, sales dropped in Asia Pacific due to lockdowns. The company signed agreements for five acquisitions, including HHI, enhancing its North American residential business. Operating income (EBIT) fell 6% to SEK 3,392 M, with an operating margin of 14.2%. Net income decreased by 5% to SEK 2,392 M, while earnings per share were SEK 2.15.
ASSA ABLOY AB has announced its Nomination Committee for the Annual General Meeting (AGM) 2022, to be chaired by Johan Hjertonsson from Investment AB Latour. Other members include representatives from Melker Schörling AB, Swedbank Robur Fonder, Alecta, and Handelsbanken Fonder. The Committee will propose candidates for various board positions and fees. The AGM is scheduled for April 27, 2022, in Stockholm, Sweden. Shareholders may submit proposals via email.
ASSA ABLOY has announced a definitive agreement to acquire Arran Isle, a prominent UK and Ireland manufacturer of door and window hardware. The acquisition aligns with ASSA ABLOY's strategy to enhance its product offerings, particularly in the EMEIA region. Arran Isle, established in 1971, generated sales of approximately MGBP 100 (around MSEK 1,200) in 2020 and employs around 560 staff. The deal is anticipated to be EPS accretive from the outset and is expected to close in Q4 2021, pending regulatory approval.
ASSA ABLOY has signed an agreement to acquire the Hardware and Home Improvement (HHI) division of Spectrum Brands for MUSD 4,300. HHI is a prominent provider of security and plumbing products in North America, with net sales of MUSD 1,342 and an adjusted EBITDA margin of around 19% for the fiscal year ending September 2020. The acquisition aims to enhance ASSA ABLOY's residential business in North America and is expected to add approximately 14% to its consolidated sales. The deal is expected to close in Q4 2021, pending regulatory approval.
ASSA ABLOY has announced the acquisition of Omni-ID, a US-based leader in RFID tags and industrial IoT hardware, for an undisclosed amount. This strategic move is expected to boost ASSA ABLOY's RFID and IoT offerings, particularly in emerging markets like India and China. Omni-ID, established in 2007 with around 170 employees, recorded sales of approximately USD 13 million in 2020. However, the acquisition is expected to be dilutive to EPS from the start. The integration aims to enhance customer service and expand manufacturing capabilities.
ASSA ABLOY has acquired Capital Door Service, a prominent door distributor and service provider in California, Nevada, and Arizona. Founded in 1999, Capital Door Service generated approximately MUSD 17 in sales for 2020, showcasing a strong EBIT margin. The acquisition is expected to enhance ASSA ABLOY's geographic reach in the Western U.S. and will be accretive to earnings per share from the start. CEO Nico Delvaux emphasized the strategic value of this addition, which focuses on entrance automation.
ASSA ABLOY reported a 19% increase in net sales for Q2 2021, reaching SEK 23,648 M, driven by 23% organic growth. Operating income surged 71% to SEK 3,589 M, with an operating margin of 15.2%. Net income rose by 129% to SEK 3,212 M, and earnings per share jumped to SEK 2.89. The company also signed four acquisitions, enhancing growth prospects. Despite challenges from rising raw material costs, effective price adjustments were implemented.
ASSA ABLOY has agreed to sell its Nordic locksmith business, CERTEGO, to Nalka Invest, focusing on its core security solutions. With approximately 1,200 employees and around 70 locations in Sweden, Finland, Norway, and Denmark, CERTEGO generates about SEK 1.5 billion in external sales. The divestment aims to enhance ASSA ABLOY's operating margin but will incur a capital loss of approximately MSEK 200. The transaction is pending regulatory approval and is expected to close in Q3 2021.
ASSA ABLOY has announced an agreement to acquire MR Group's hardware division, a top supplier of aluminum profile hardware and locks based in Portugal. This acquisition aligns with ASSA ABLOY's strategy to enhance its position in mature markets by expanding its product portfolio and improving regional reach. The transaction, which will be accretive to earnings per share from the start, involves around 380 employees and had 2020 sales of approximately 23 MEUR (around 230 MSEK). The deal awaits regulatory approval and is expected to finalize in Q3 2021.