ASSA ABLOY increases its ownership in KESO AG of Switzerland

 

KESO is a leading Swiss manufacturer of mechanical and electronic high-security cylinders for doors and industrial applications. The company has sales of CHF 50 M and has built a reputation as one of the world's leading producers of high-quality locks and cylinders. 50 percent of the company's sales are currently exported to a number of countries. The company has a particularly strong position in Germany.

 

Ernst Keller, the owner and president of KESO, founded the company in 1963.  He
is the inventor of the company's cylinder technology, the flat key concept. This technically advanced cylinder offers unchallenged master keying possibilities. Ernst Keller will remain in the position of President until 2003 to support the integration with ASSA ABLOY.

 

KESO's headquarters and main production facility is based in Richterswil, close to Zürich. The company has sales subsidiaries in Germany, France and Austria. The number of employees is 320.

 

ASSA ABLOY is increasing its ownership in KESO AG from 35 to 65 percent and the company will be fully consolidated from closing, which will follow regulatory approval. ASSA ABLOY will acquire the remaining shares by the end of 2003. This increased ownership will be earnings-per-share accretive from 2002.

 

 

 

 

For further information, please contact

Carl-Henric Svanberg, President & CEO, tel: +46-70-510 0551,

or Göran Jansson, CFO, tel. +46-70-698 85 72

 

 

 

ASSA ABLOY AB (publ)

P.O. Box 70340, S-107 23 Stockholm

Tel: +46 8 506 485 00, Fax: +46 8 506 485 85

Visiting address: Klarabergsviadukten 90