ASSA ABLOY Acquires Paddock FabricationsAugust 23rd, 2011 | Category: Industry News
ASSA ABLOY has acquired Paddock Holdings, a U.K. manufacturer of multipoint locks. According to an announcement from ASSA ABLOY, Paddock has a turnover approaching £30 million (approximately $50 million USD) and employs 250 people, operating from a 90,000-square-foot production center. The company has two core brands – Lockmaster and Millenco – and its range includes multipoint door, patio door and window locks; door cylinders; and hinges, handles, letter plates and other accessories.
“Paddock is an important acquisition, which reinforces our position in the fast growing multipoint lock segment,” says Tzachi Wiesenfeld, executive vice president of ASSA ABLOY and head of the EMEA Division. “Paddock has innovative products, impressive market presence and a very experienced team. The addition of Paddock’s product portfolio will contribute significantly to our future growth.”
Paddock CEO Nigel Hutchinson also is optimistic about the deal.
“These are exciting times for Paddock. With ASSA ABLOY’s backing and investment, we will be able to deliver a broader and more varied range of products to our market place,” he says. “ASSA ABLOY is the market leader in door solutions, so this is a natural fit for both businesses.”
Hutchinson adds, “The acquisition is also great news for our customers. Our current partners in the market will benefit from further investment, an enhanced service offering and most importantly and further support in delivering innovative new products. The plan for us is to continue the great work of the past few years and support and further develop our existing routes to market.”
The companies did not disclose terms of the acquisition.