By Dominic Chopping
STOCKHOLM--Swedish lock maker Assa Abloy AB said Monday it has agreed to buy Arran Isle, a designer, manufacturer and distributor of door-and-window hardware in the U.K. and Ireland.
Arran Isle was established in 1971 and has around 560 employees. The company has manufacturing and distribution sites in the U.K., Ireland, Europe and China, Assa Abloy said.
Sales for 2020 amounted to about 100 million pounds ($136.7 million), and the acquisition will be accretive to earnings per share from the start, Assa Abloy said.
"This acquisition delivers on our strategy to add complementary products and solutions to our core business," Chief Executive Nico Delvaux said.
The acquisition is subject to regulatory approval and is expected to close during the fourth quarter of 2021, the company said.
Financial details weren't disclosed.
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(END) Dow Jones Newswires