ASSA ABLOY, a global supplier of intelligent access solutions, has agreed to acquire VHS Plastik Metal, a manufacturer of hardware systems for doors and windows based in Turkey.
The acquisition is subject to customary closing conditions and is expected to close during the fourth quarter of 2022. The acquisition will be accretive to EPS from the start.
“We are very excited about the acquisition of VHS,” says Neil Vann, executive vice president of ASSA ABLOY and head of the Europe, Middle East, India and Africa (EMEIA) division. “This transaction is a step change to our existing trading business in Turkey and reinforces our long-term commitment to the local market. VHS offers a strong range of window and door hardware products that will complement our offer in Turkey. VHS has a great team of people that I welcome to the ASSA ABLOY family, and it gives us a local manufacturing footprint that offers great opportunities.”
VHS was founded in 1997 and has more than 440 employees. The main office and factory are located in Silivri, Turkey.
“I am very pleased to welcome VHS into the ASSA ABLOY Group,” says Nico Delvaux, president and CEO of ASSA ABLOY. “This constitutes an important next step in our strategy to grow market leadership in emerging markets.”