Swedish multinational Assa Abloy has signed an agreement to acquire the locks and hardware business from Mumbai-based Pooja Hardware Pvt Ltd for an undisclosed amount, as per a release. The business is run under the ENOX brand.
The transaction is subject to regulatory approval and is expected to close during Q3 2014.
The acquisition adds complimentary business channels and extensive product range to existing business of Assa Abloy in India.
Post this deal, Manilal Shah, owner of ENOX, would continue to lead the operations.
The acquired business was established in 2007 and has its head office in Mumbai. It employs around 220 people. It is expected to clock sales of Rs 120 crore during 2014.
"ENOX is the group’s first major entry into the large and fast growing Indian market and will constitute an important building block in our strategy to grow market presence in emerging markets. India is a key market for us in Asia and we are keen to invest in localisation of our products,” said Magnus Kagevik, executive vice-president of Assa Abloy and head of the Asia Pacific division.
"This will give us access to a new customer base within the fast growing glass hardware segment. This acquisition helps Assa Abloy reach a formidable position in the locks and door hardware industry in India," said Manu Ahuja, president – India and Southeast Asia for Assa Abloy.
PricewaterhouseCoopers acted as the advisor to ENOX for the transaction.
Incorporated in 2007, Mumbai-based Pooja Hardware is into products such as glass architecture hardware, aluminium profile, furniture fitting, kitchen solutions, sliding solutions, architectural hardware and door control.
Assa Abloy Group is engaged in providing intelligent lock and security solutions. It provides door lock security solutions for education, government, healthcare, residential, hotel, industry and utility, office, public facility, public transportation, and retail sectors. It is said to be one of the world’s largest lock makers.
Formed in 1994 with the merger of lock business of Securitas in Sweden and Metra in Finland, the firm has about 43,000 employees, operations in more than 70 countries and sales of about SEK 48 billion. In the fast-growing electromechanical security segment, the group has a leading position in areas such as access control, identification technology, door automation and hotel security.
(Edited by Joby Puthuparampil Johnson)