ASSA ABLOY to Sell Citizen ID Division to TOPPAN in Strategic Move

ASSA ABLOY to Sell Citizen ID Division to TOPPAN in Strategic Move

(IN BRIEF) ASSA ABLOY has agreed to sell its Citizen ID business, part of HID, to TOPPAN. Citizen ID specializes in providing physical and mobile identity solutions for government programs, employing around 450 people across facilities in Ireland, Malta, and the U.S. The transaction is expected to close in the first quarter of 2025, pending regulatory approvals and other conditions. ASSA ABLOY expects the sale to positively impact its operating margins.

(PRESS RELEASE) STOCKHOLM, 19-Oct-2024 — /EuropaWire/ — ASSA ABLOY has entered into a definitive agreement to sell its Citizen ID business to TOPPAN, marking a significant strategic move for the company. Authored by ASSA ABLOY, this announcement highlights that Citizen ID, a division within HID, specializes in the design, manufacture, and implementation of physical and mobile identity solutions for government-to-citizen programs worldwide. With a workforce of around 450 employees and manufacturing facilities located in Ireland, Malta, and the U.S., the business reported sales of approximately SEK 1,300 million in 2023.

Nico Delvaux, President and CEO of ASSA ABLOY, expressed confidence in the transaction, stating, “I’m pleased that with TOPPAN, Citizen ID will have a dedicated, long-term owner that will provide new opportunities for the business, its employees, and customers.” This sentiment was echoed by Björn Lidefelt, EVP and Head of HID, who praised the team’s success in developing a robust identity solutions offering and emphasized his optimism for their future with TOPPAN.

ASSA ABLOY expects the sale to positively impact its operating margins moving forward, although the capital result before taxes is expected to be minimal. The completion of the transaction is subject to standard regulatory approvals, employee consultations, and other closing conditions, with the deal anticipated to finalize by the first quarter of 2025.

About ASSA ABLOY

The ASSA ABLOY Group is the global leader in access solutions. The Group operates worldwide with 61,000 employees and sales of SEK 141 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

SOURCE: ASSA ABLOY