Swedish Giant to Secure Bid for NZ Technology Co.
Swedish Giant to Secure Bid for Leading New Zealand Technology Company
MELBOURNE, March 5 /MediaNet International-AsiaNet/ --
Global security products group ASSA ABLOY has signed an agreement to acquire successful New Zealand technology-based company, Security Merchants, for an undisclosed sum, paving the way for the mainstream introduction of high technology security products.
Security Merchants has held a leading position in the specification and supply of electronic and electromechanical security solutions since its formation in 1992. The company, through nine offices in Australia and New Zealand, distributes a complete range of electronic security equipment covering intruder alarms, keyless access control and closed circuit television systems.
According to ASSA ABLOY Executive Vice President, Geoff Norcott, the acquisition by ASSA ABLOY will bring a new dimension to security in the Asia Pacific region.
"Security Merchants bring to the market the latest in electronic technology including the revolutionary mobile phone connectivity (or remote building control by SMS texting)," said Norcott.
"This technology perfectly complements ASSA ABLOY’s electromechanical range and also the mechanical architect-specified products from leading Australian lock manufacturer and local group-company Lockwood Security Products."
"The acquisition of Security Merchants will provide ASSA ABLOY’s customers with a complete security solution," he said. "ASSA ABLOY and Lockwood will provide the hardware - Security Merchants the electronic smarts."
Norcott believes the timing of the acquisition is perfect, as the community becomes steadily more accepting of advanced technological innovations.
"Security Merchants' reputation for professionalism and its entrepreneurial approach will further strengthen ASSA ABLOY’s Asia Pacific management team and we see exciting opportunities to extend the concept within the region" Norcott said.
According to the latest International Business Owners Survey from business adviser Grant Thornton, 46% of Swedish companies merge with or acquire other companies to maintain and improve profitability.
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. The Group has about 30,000 employees and annual sales of AUD $5.5 billion.
SOURCE: Security Merchants