by AF0610 j3 — June 11, 2010—Assa Abloy has signed an agreement to acquire Paddock, a leading U.K. manufacturer focusing on multipoint locks and complementary accessories. The company has an extensive distribution network across the U.K., which complements Assa Abloy’s existing Yale multipoint lock business, the company says.
“This acquisition is part of our strategy to expand our presence in the mature markets by adding complementary lock products to our current portfolio. The U.K. is one of our largest markets in Europe and very important for our continued growth,” says Johan Molin, President and CEO of Assa Abloy.
Paddock was established in 1978 and is based in Walsall, north of Birmingham, England. The acquisition is subject to regulatory approval.
For more information, see the Assa Abloy Web site.
