Assa Abloy to buy Paddock

Assa Abloy has announced an agreed conditional offer to acquire Paddock Holdings, a UK manufacturer of multipoint locks.

The plan is conditional on receipt of merger clearance from the UK Office of Fair Trading (OFT).

Paddock has a turnover approaching £30 million and employs 250 people, operating from a modern 90,000ft2 production centre.

The company has two core brands – Lockmaster and Millenco – and its range includes multipoint door, patio door and window locks; door cylinders; and hinges, handles, letter plates and other accessories.

“This acquisition is part of our strategy to build upon our presence in the UK market by adding complementary lock products to our current portfolio,” said Johan Molin, president and CEO of Assa Abloy. “The UK is one of our most important markets in Europe and strategic to our continued growth.”

“This is an important acquisition, which reinforces our position in the fast growing multipoint lock segment,” said Tzachi Wiesenfeld, executive vice president of Assa Abloy and head of EMEA Division. “Paddock has innovative products, impressive market presence and a very experienced team. The addition of Paddock’s product portfolio will contribute significantly to our future growth.”

Paddock CEO, Nigel Hutchinson said: “These are exciting times for Paddock. With Assa Abloy’s backing and investment, we will be able to deliver a broader and more varied range of products to our market place, as well as utilising Assa Abloy’s channels all over the world for export growth. Assa Abloy is the market leader in door solutions, so this is a natural fit for both businesses.

“The acquisition is also great news for our customers. Our current partners in the market will benefit from further investment, an enhanced service offering and most importantly, further support in delivering innovative new products. The plan for us is to continue the great work of the past few years and support and further develop our existing routes to market.”

www.paddockfabrications.co.uk
www.assaabloy.co.uk
www.yale.co.uk