UPDATED: ASSA ABLOY acquires LifeSafety Power
“I am very pleased to welcome LifeSafety Power into the ASSA ABLOY Group. LifeSafety Power constitutes a strategic addition to the Group and reinforces our position in access control solutions,” said Nico Delvaux, president and CEO of ASSA ABLOY, in a statement.
“LifeSafety Power is a great complement to our access control portfolio — we are looking forward to incorporating their knowledge of power supply as well as power consumption throughout our access control portfolio,” added Lucas Boselli, executive vice-president of ASSA ABLOY and head of the Americas division.
LifeSafety Power was established in 2009 and has approximately 65 employees.
A day after ASSA ABLOY’s announcement, LifeSafety Power released its own message, stating: “With a loyal and dedicated customer base, LifeSafety Power will continue its mission to provide leading-edge enhancements and new product development in power solutions.”
“We’re excited about the acquisition and the opportunity to continue to innovate under the strength of ASSA ABLOY,” said Larry Ye, president and CEO, LifeSafety Power. “This is an important and critical step in the ongoing expansion of our company and our drive to offer the latest networking developments to the industry. With this acquisition, we will complement the access control portfolio provided by ASSA ABLOY, but will keep our uniqueness, which has brought us success and is part of our DNA. We will continue to be nimble in addressing the needs of the industry and our customers — and the secret sauce that brought LifeSafety Power to this pivotal point will remain.”
According to ASSA ABLOY, sales for 2019 are expected to reach about US$30 million with a good EBIT margin and the acquisition will be accretive to EPS from start.