ASSA ABLOY Acquires Majority Stake in agta record

ASSA ABLOY, a global leader in access solutions, announced it has completed the acquisition of a majority stake in agta record. The Swiss-based company is a significant manufacturer in the automatic door systems market.

Founded in 1953, agta record employs over 2,600 people worldwide with its headquarters in Fehraltorf, Switzerland. The acquisition is expected to enhance ASSA ABLOY's portfolio within its Entrance Systems division.

Following the transaction, ASSA ABLOY now holds approximately 93% of agta record's share capital and voting rights. The company intends to launch a public tender offer to acquire the remaining outstanding shares.

The move is described as a strategic addition, bringing valuable expertise, products, and services to the ASSA ABLOY Group. Financial terms of the transaction were not disclosed in the announcement.