ASSA ABLOY has signed an agreement to acquire VHS Plastik Metal (“VHS”), a leading manufacturer of hardware systems for windows and doors based in Turkey.
“I am very pleased to welcome VHS into the ASSA ABLOY Group. This constitutes an important next step in our strategy to grow market leadership in emerging markets,” says Nico Delvaux, President and CEO of ASSA ABLOY.
“We are very excited about the acquisition of VHS. 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,” says Neil Vann, Executive Vice President of ASSA ABLOY and Head of EMEIA Division.
VHS was established in 1997 and has some 440 employees. The main office and factory is located in Silivri, close to Istanbul. Sales for 2021 amounted to about MTRY 150 (approx. MSEK 150) with a good EBIT margin. The acquisition will be accretive to EPS from the start.
The acquisition is subject to customary closing conditions and is expected to close during the fourth quarter of 2022.