ASSA ABLOY acquires Prometal Group in the United Arab Emirates
ASSA ABLOY has acquired the Prometal Group, a leading manufacturer of steel and wooden security doors in the Middle East.
"Prometal constitutes another important step in our strategy to grow market presence in the Middle East and other emerging markets”, says Johan Molin, President and CEO of ASSA ABLOY.
”The acquisition of Prometal provides us with a strong security door range that reinforces our total door opening solution for the Middle East”, says Tzachi Wiesenfeld, Executive Vice President of ASSA ABLOY and Head of the EMEA division.
Prometal was established in 2000 and has 420 employees. The head office and factory is located in Dubai, UAE.
Sales for 2015 are expected to reach AED 100 M (approx. SEK 225 M) with a good EBIT margin. The acquisition will be accretive to EPS from start.