ASSA ABLOY has signed an agreement to acquire JOTEC Service & Vertriebsges, a regional industrial door distributor and service company in Germany.
“I am very pleased to welcome JOTEC into the ASSA ABLOY Group. The acquisition of JOTEC delivers on our strategy to reinforce our current offering within entrance automation,” says Nico Delvaux, president and CEO of ASSA ABLOY.
“JOTEC has a strong offering, a well-developed service business, and a large customer base. I am pleased to welcome their experienced team to ASSA ABLOY and look forward to working with them as we continue our successful journey together,” says Massimo Grassi, executive vice president of ASSA ABLOY and head of the Entrance Systems Division.
The acquisition will be accretive to EPS from the start and is subject to regulatory approval and customary closing conditions. It is expected to close during the second quarter of 2022.