Assa Abloy Acquires Teamware Malaysia

Assa Abloy has signed an agreement to acquire Teamware, manufacturer of locks and hardware in the Malaysian market.

"I am very pleased that Teamware is joining the Assa Abloy Group," said Johan Molin, president and CEO of Assa Abloy. "Teamware is another major entry into the large and fast growing Malaysian market and will constitute another strategic move to grow market presence in the emerging markets."

"Teamware is a great addition to the Asia Pacific division," said Magnus Kagevik, executive vice president of Assa Abloy and head of division Asia Pacific. "The acquisition adds complimentary business channels and products to our existing Malaysian business. Teamware will also give us access to the fire door market in Malaysia where we see synergies with our market leading Chinese activity."

Teamware, established in 1999, is headquartered in Kuala Lumpur, Malaysia and has some 120 employees.

Sales for 2015 are expected to reach RM 100 M (approx SEK 240 M) with a good EBIT margin. The acquisition will be accretive to EPS from start.

The transaction is subject to regulatory approval and is expected to close during Q2 2015.

Featured

New Products

  • QCS7230 System-on-Chip (SoC)

    QCS7230 System-on-Chip (SoC)

    The latest Qualcomm® Vision Intelligence Platform offers next-generation smart camera IoT solutions to improve safety and security across enterprises, cities and spaces. The Vision Intelligence Platform was expanded in March 2022 with the introduction of the QCS7230 System-on-Chip (SoC), which delivers superior artificial intelligence (AI) inferencing at the edge.

  • Unified VMS

    AxxonSoft introduces version 2.0 of the Axxon One VMS. The new release features integrations with various physical security systems, making Axxon One a unified VMS. Other enhancements include new AI video analytics and intelligent search functions, hardened cybersecurity, usability and performance improvements, and expanded cloud capabilities

  • Camden CV-7600 High Security Card Readers

    Camden CV-7600 High Security Card Readers

    Camden Door Controls has relaunched its CV-7600 card readers in response to growing market demand for a more secure alternative to standard proximity credentials that can be easily cloned. CV-7600 readers support MIFARE DESFire EV1 & EV2 encryption technology credentials, making them virtually clone-proof and highly secure.