Assa Abloy Acquires 85.7% Stake In Poland-Based Małkowski-Martech

Assa Abloy AB ASAZY has acquired ~85.7% stake in Małkowski-Martech S.A. from the Małkowski family, through an off-market transaction, for ~PLN 33 million ($8.08 million).
Małkowski-Martech, listed on the Warsaw Stock Exchange, NewConnect market, produces fire-rated curtains and gates. The company, established in 2000, has some 150 employees, with the main office located in Czołowo, Poland.
Małkowski-Martech's sales for 2020 amounted to ~ PLN 50 million (~SEK 110 million) with a good EBIT margin. The acquisition will be accretive to EPS from the start.
This acquisition strengthens Małkowski-Martech's commercial fire-rated door product portfolio. The combined offering will better address the customer needs for flexibility in building design and ease of installation.
Assa Abloy held cash and equivalents SEK 5.99 billion as of September 30, 2021.
Price Action: ASAZY shares are trading higher by 1.27% at $15.10 on the last check Thursday.