ASSA ABLOY Sells PACA Elevator Maintenance Business in France to KONE

ASSA ABLOY Sells PACA Elevator Maintenance Business in France to KONE

(IN BRIEF) ASSA ABLOY has completed the sale of its elevator maintenance business, PACA ascenseur (“PACA”), located in Southern France, to KONE. The sale is part of ASSA ABLOY’s strategic focus on its core business portfolio. PACA, with approximately 210 employees and 2022 sales of around 30 MEUR, was originally acquired as part of the agta record acquisition in 2020. This transaction is expected to have a positive impact on ASSA ABLOY’s operating margin going forward, with an insignificant capital result expected.

(PRESS RELEASE) STOCKHOLM, 3-Feb-2024 — /EuropaWire/ — ASSA ABLOY has sold its elevator maintenance business PACA ascenseur (“PACA”) in France to KONE. PACA was part of the acquisition of agta record in 2020.

PACA is an elevator maintenance business located in Southern France. PACA was founded in 1995 and has some 210 employees. Sales in 2022 amounted to about 30 MEUR.

“I find it satisfying that with KONE, PACA and its employees and customers get a committed long-term owner, creating new opportunities for the future and I wish them every success,” says Nico Delvaux, President and CEO of ASSA ABLOY.

“In line with our strategy, we continue to focus on our core business portfolio. We believe we have found a good home for the PACA business, which will receive full attention from its new owners to support further development,” says Massimo Grassi, Executive Vice President of ASSA ABLOY and Head of Entrance Systems Division.

The transaction will have a positive effect on ASSA ABLOY´s operating margin going forward. The capital result is expected to be insignificant.

About ASSA ABLOY

The ASSA ABLOY Group is the global leader in access solutions. The Group operates worldwide with 52,000 employees and sales of SEK 121 billion. The Group has leading positions in areas such as efficient door openings, trusted identities and entrance automation. ASSA ABLOY’s innovations enable safe, secure and convenient access to physical and digital places. Every day, we help billions of people experience a more open world.

Media Contacts:

Nico Delvaux
President and CEO
tel. no: +46 8 506 485 82

Erik Pieder
CFO and Executive Vice President
tel. no: +46 8 506 485 72

Björn Tibell
Head of Investor Relations
tel. no: +46 70 275 67 68
e-mail: bjorn.tibell@assaabloy.com

SOURCE: ASSA ABLOY