SP&T News

News
ASSA ABLOY acquires Toronto-based Lawrence Hardware and Gallery Specialty

September 7, 2023  By  SP&T Staff


ASSA ABLOY announced it has acquired Lawrence Hardware and Gallery Specialty, providers of commercial hinges, locksets, exit devices and door hardware accessories in Canada.

Lawrence Hardware was founded in 1876 and Gallery Specialty in 1989, together employing about 50 staff.

“I am very pleased to welcome Lawrence and Gallery into the ASSA ABLOY Group. This acquisition delivers on our strategy to strengthen our position in mature markets through adding complementary products and solutions to our core business,” said Nico Delvaux, president and CEO, ASSA ABLOY in a statement.

“Lawrence and Gallery are well-known, respected brands in Canada and I’m excited for them to become part of ASSA ABLOY,” added Lucas Boselli, executive vice-president of ASSA ABLOY and head of the Americas Division. “This acquisition supports our growth ambitions and commitment to the Canadian market by further strengthening our core business and expanding our product portfolio.”

According to a press release, sales for 2022 amounted to about $25 million with a good EBIT margin. The acquisition will be accretive to EPS from the start.


Print this page

Advertisement

Stories continue below