ASSA ABLOY's Acquisition of Phillips in Mexico Completed.Business Editors STOCKHOLM, Sweden--(BUSINESS WIRE)--Sept. 18, 2001 ASSA ABLOY The ASSA ABLOY Group is a Swedish company. The group is the world's leading manufacturer and supplier of locks. ASSA ABLOY was formed in 1994 when ASSA Ab was detached from Swedish security firm Securitas AB. : -- Phillips is a leading lock company with strong growth over a number of years -- Sales in 2000 amounted to approximately SEK 650 M with high profitability -- Complements ASSA ABLOY's Mexican product portfolio -- Strengthens ASSA ABLOY's platform for exports into Latin America -- Mexico, with a population of 100 million, is one of the world's biggest economies -- Economic growth in Mexico, 7% last year, is stimulating demand for housing and security Background Phillips produces a full range of lock products primarily for the Mexican lock market. The company also has exports to other Latin American countries List of American countries Nations:
See under Lock. See also: Lock Rim - the most common type of lock used in Mexico. Phillips is located in Mexico City Mexico City Spanish Ciudad de México City (pop., 2000: city, 8,605,239; 2003 metro. area est., 18,660,000), capital of Mexico. Located at an elevation of 7,350 ft (2,240 m), it is officially coterminous with the Federal District, which occupies 571 sq mi and has an extensive distribution network. The company was founded in 1959 and has approximately 2,500 employees. Phillips has shown good growth and high profitability over a number of years. ASSA ABLOY's other operation is also located in Mexico City, there are synergies and growth opportunities that will benefit both operations. The Mexican Antitrust Authorities have now approved the acquisition of Phillips and the companies will be consolidated from 1 October 2001. The ASSA ABLOY Group is the world's leading manufacturer and supplier of locking solutions dedicated to satisfying end-user needs for security, safety and convenience. Current sales for the Group are in excess of SEK SEK In currencies, this is the abbreviation for the Swedish Krona. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 20 billion (approximately USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 2 billion) and the number of employees is approximately 25,000. |
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