Mogens Jensen

ASSA ABLOY has signed an agreement to acquire AM Group, an Australian industrial door company within entrance automation. "I am very pleased to welcome AM Group and their employees into the ASSA ABLOY Group. I welcome this complementary addition to our business, specializing in innovative entrance automation,” says Nico Delvaux, President and CEO of ASSA ABLOY. Rolling steel doors and bi-fold doors “AM Group complements both our product offering and our geographic coverage in Australia. By adding their strong product portfolio, which includes rolling steel doors and bi-fold doors, to ASSA ABLOY’s commercial network, technologies and competences, we will continue our successful journey,” says Mogens Jensen, Executive Vice President of ASSA ABLOY and Head of Entrance Systems Division. AM Group was founded in Australia in 1923 and has 425 employees. The head office is located in Sydney, Australia. Sales for 2019 are expected to reach about AUD 120 million (approx. SEK 800 million) with a good EBIT margin and the acquisition will be accretive to EPS from the start. The acquisition is subject to regulatory approval and customary closing conditions and is expected to close during the first quarter of 2020.

Entrance Systems division has, since its foundation in 2006, successfully grown from SEK 3 bn to above SEK 25 bn in annual revenue. To enable continued and accelerated growth of the division in the ASSA ABLOY Group, a new divisional structure will be formed around four business segments: Pedestrian, Industrial, Residential and Perimeter Security. Perimeter Security is currently part of the Opening Solutions Americas division and will be transferred to the Entrance Systems division to create new opportunities to scale up and potentially drive a global expansion. The business segments will be the highest responsible operational entities reporting to the division. Enable further synergies This will increase the focus on the operation and enable further synergies within respective business segments. Recruitment of a new Head of Entrance Systems division has been initiated and the current Head of Entrance Systems division, Mogens Jensen, will remain in the organization as responsible for two of the business segments. The changes are planned to take effect early 2020