Assa Abloy has signed an agreement to acquire Teamware, the market leader in locks and hardware in the Malaysian market.
“I am very pleased that Teamware is joining the Assa Abloy Group. Teamware is another major entry into the large and fast growing Malaysian market and will constitute another strategic move to grow market presence in the emerging markets”, says Johan Molin, President and CEO of Assa Abloy.
“Teamware is a great addition to the Asia Pacific division. The acquisition adds complimentary business channels and products to our existing Malaysian business. Teamware will also give us access to the fire door market in Malaysia where we see synergies with our market leading Chinese activity”, says Magnus Kagevik, Executive Vice President of Assa Abloy and Head of Division Asia Pacific.
Teamware, established in 1999, is headquartered in Kuala Lumpur, Malaysia and has some 120 employees.
The transaction is subject to regulatory approval and is expected to close during Q2 2015.