Assa Abloy AB

Company type	Public (Aktiebolag)
Traded as	Nasdaq Stockholm: ASSA B
ISIN	SE0007100581
Industry	Manufacturing and services
Founded	1994; 30 years ago (1994)[1]
Headquarters	Stockholm, Sweden
Key people	Johan Hjertonsson (Chairman), Nico Delvaux (President and CEO)
Products	Locks, automatic and security doors
Revenue	140.7 kr billion[2] (2023)
Operating income	22.18 kr billion[2] (2023)
Net income	13.64 kr billion[2] (2023)
Total assets	196.3 kr billion[2] (2023)
Total equity	91.64 kr billion[2] (2023)
Number of employees	61,000[2] (2023)
Website	assaabloy.com

Assa Abloy AB is a Swedish Group whose offerings include products and services related to locks, doors, gates, and entrance automation. Related products and services include controlling access and confirming identities with keys, cards, tags, mobile, and biometric identity verification systems.^[3]

The company was formed in 1994, when Assa AB was separated from Swedish security firm Securitas AB. Shortly thereafter, Assa AB merged with the Finnish high security lock manufacturer Abloy Oy (based in Joensuu, a then subsidiary of the Finnish company Wärtsilä). The company was introduced to the Stockholm Stock Exchange later the same year. Assa Abloy has since made over 300 acquisitions including Yale, Chubb Locks, Medeco in the United States, Mul-T-Lock in Israel and Fichet-Bauche in France.^[4] Its two largest shareholders are Latour and Melker Schörling AB.^[5][6]

Name

Assa Abloy was founded at the merger of the two companies Assa and Abloy in 1994. Assa stands for August Stenman Stenman August.^[7][8] The name Abloy comes from a contraction of the Swedish Finnish bilingual name Ab Låsfabriken Lukkotehdas Oy, meaning literally Corp. Lock Factory Lock Factory Corp. (first Corp. and Låsfabriken from Swedish, last Lukkotehdas and Corp. from Finnish). In 1919^[when?] the company was renamed Aktiebolag Lukko Osakeyhtiö, understood word for word as Corp. Lock Corp.

History

Founding, growth and development

Assa Abloy was formed in 1994, through the merger of Swedish firm ASSA and Finnish high security lock manufacturer Abloy.^[9] The company was introduced to the Stockholm Stock Exchange later the same year.^[10]

From a regional company with 4,700 employees in 1994, Assa Abloy has become a global group with 61,000 employees in 2023.^[11] The company has grown its revenue by more than 9% annually and operates now in over 70 countries.^[11]

Revenue in 2022 was SEK 120,793 M.^[12] Sales revenue in 2023 was 140,716 M. The increase of 16% was a third due to the effects of the exchange rate.^[6]

Brands

Acquisitions

In May 1999, the acquisition of Effeff Fritz Fuss^[14] in Germany enabled Assa Abloy to enter the electromechanical lock market. Assa Abloy also acquires Mul-T-Lock in Israel, a manufacturer of high security locks.^[15] Assa Abloy doubles in size in 2000, when it acquires the global lock group Yale Intruder Security.^[16] In the same year, Assa Abloy acquires HID, adding electronic identification to its product portfolio.^[17]

In April 2002, Assa Abloy Group acquired Besam, a Swedish company specialized in automatic pedestrian doors.^[18] Another important acquisition for the group was Fargo Electronics, a company which develops systems for safe issuing of credit, bank, debit and ID cards.^[19] This was followed by other acquisitions such as Baodean in China and Irevo in South Korea in 2007.^[15]

In 2009, the Italian door automation manufacturer, Ditec,^[20] was bought. Important acquisitions were also made in September 2011, with the purchase of Crawford and Flexiforce.^[21] A number of purchases followed in 2012. In April 2012 Traka, a company specialising in key and asset management was acquired.^[22] The group also acquired Albany Door Systems, a manufacturer of high speed industrial doors.^[23] November 2013 came with the purchase of the Polish fire and security door manufacturer Mercor SA,^[24] Ameristar USA,^[25] and Amarr.^[26]

In December 2018, Assa Abloy acquired Lorient, a UK based designer and manufacturer of high performance door sealing systems.^[27]

In December 2018, Assa Abloy acquired Luxer One, a package locker business in the US.^[28]

In February 2020, Assa Abloy acquired the UK-based, 140-strong biometric access and workforce management technology business, Biosite.^[29]

In May 2021, Assa Abloy acquired Sure-Loc, the leading supplier of residential locks and associated hardware in the US.^[30]

In September 2021, Assa Abloy acquired the Hardware and Home Improvement ("HHI") division of Spectrum Brands for $4.3 billion. HHI has a varied portfolio of products, including patented SmartKey technology and electronic, smart and biometric locks. Key brands include Kwikset, Baldwin, Weiser, Pfister and National Hardware. HHI is headquartered in Lake Forest, California with some 7,500 employees worldwide and has manufacturing facilities in the United States, Mexico, Taiwan, China, and the Philippines.^[31][32]

In December 2022, Assa Abloy acquired the New York-headquartered provider of rugged handheld mobile computers and readers, Janam Technologies.^[33]

In October 2023, Assa Abloy acquired New York-headquartered manufacturer of high-security mechanical and electronic door hardware products in the U.S., Securitech Group Inc.^[34]

Cooperation with colleges and universities

The company is a Corporate Partner in the Stockholm School of Economics partner program for companies that contribute financially to the college and works closely with regard to research and education.^[35] In October 2015, Assa Abloy joined as partner to KTH Royal Institute of Technology’s Things, a start up hub for companies in the Internet-of-things sector.^[36]