Swedish door security solutions provider Assa Abloy has acquired Gujarat-based lock maker Shree Mahavir Metalcraft Pvt Ltd for an undisclosed amount.
The acquisition is part of Assa Abloy’s strategy to grow its presence in emerging markets, president and CEO Johan Molin said in a statement.
Magnus Kagevik, executive vice president at Assa Abloy, said the acquisition offers potential to develop market-specific products and complements its existing Indian business.
This is Assa Abloy’s second acquisition in India. In 2014, it had acquired the locks and hardware business of Mumbai-based Pooja Hardware Pvt. Ltd for an undisclosed amount. The business is run under the ENOX brand.
Jamnagar, Gujarat-based Shree Mahavir was set up in 1984 and has about 960 employees. Its products include door locks, handles, hinges and glass connectors.
The company is likely to generate net sales revenue of Rs 108 crore in 2017, the statement said.
Assa Abloy has 423 employees in India and posted sales of 521 million Swedish krona (about Rs 410 crore). Its global annual revenue was 71.2 billion Swedish krona.
The company was formed in 1994 through the merger of Sweden’s Assa and Finland’s Abloy. It is now present in more than 70 countries and has about 47,000 employees.
Assa Abloy has presence in the fast-growing electromechanical security segment as well as in access control, identification technology, entrance automation and hotel security segments, according to the statement.
PricewaterhouseCoopers India Corporate Finance acted as an adviser to Shree Mahavir.