ASSA ABLOY
acquires the remaining shares in Lockwood, Australia
In connection
with ASSA ABLOY´s acquisition of 50 percent of the shares in Lockwood, an
option was granted by EMAIL, the seller, to acquire the remaining shares
in the company after a three year period. This option gave ASSA ABLOY the
right, in the event of a change of ownership of EMAIL, to execute its
right to acquire the remaining shares earlier. As a result of the change
of ownership at EMAIL, ASSA ABLOY has now acquired the remaining 50
percent of Lockwood shares. The price of these outstanding shares equals
the equity in Lockwood whereby no additional goodwill has been created.
Lockwood has
developed very positively since the first tranche of shares were taken
over at the beginning of 1999. A successful job has been carried out in
order to create incremental cross sales. New products such as cylinders,
padlocks and panic bars have together with different companies in the
Group been developed into local standards and subsequently successfully
launched. Other steps to increase operational efficiency within the
company are ahead of plan and will further enhance Lockwood´s
profitability moving forward.