Benzinga | Sep 27, 2021 06:30AM EDT

ASSA ABLOY To Acquire Arran Isle For Undisclosed Sum

* ASSA ABLOY (OTC:ASAZF) has agreed to acquire Arran Isle, a designer, manufacturer, and distributor of door and window hardware in the UK and Ireland, for undisclosed financial terms.

* Arran Isle has ~560 employees and has manufacturing and distribution sites in the UK, Ireland, Europe, and China. Sales for 2020 amounted to about ?100 million ( 1.2 billion). The acquisition will be accretive to EPS from the start.

* "Arran Isle is an excellent addition to our business and, in particular, EMEIA's UK and Ireland market region. The acquisition brings well-known architectural and fenestration hardware brands to our portfolio," says Neil Vann, EVP of ASSA ABLOY and Head of EMEIA Division.

* ASSA ABLOY held cash and cash equivalents SEK 3.54 billion as of June 30, 2021.

* The acquisition is expected to close during 4Q21.

* Price Action: ASAZF shares closed higher by 3.21% at $30.61 on Friday.