ASSA ABLOY acquires August Home
By SP&T Staff
“I am very pleased to welcome August into the ASSA ABLOY Group. August constitutes a strategic addition to the Group and reinforces our position in the residential smart door market,” said Johan Molin, president and CEO of ASSA ABLOY, in a statement.
“August Home strengthens our residential smart door strategy with complementary smart locks, expansion into video doorbells and comprehensive solutions for home delivery,” added Thanasis Molokotos, executive vice-president of ASSA ABLOY and head of the Americas Division.
August was founded in 2013 and has approximately 90 employees.
Sales for 2018 are expected to reach around US$60 million. The acquisition will be dilutive to EPS.
The acquisition is conditional upon regulatory approval and is expected to close during Q4 2017.