Assa Abloy acquires UAE-based Prometal Group
The acquisition comes as part of the door firm’s broader strategy to grow its presence in the Middle East
Assa Abloy has acquired Prometal Group, a UAE-headquartered manufacturer of steel and wooden security doors.
The move comes as part of Assa Abloy’s broader strategy to strengthen its position in the Middle East market.
The value of the acquisition has not been disclosed.
Commenting on the acquisition, Johan Molin, president and CEO of Assa Abloy, said: “I am very pleased to welcome Prometal into the Assa Abloy Group. Prometal constitutes another important step in our strategy to grow market presence in the Middle East and other emerging markets.”
Tzachi Wiesenfeld, executive vice president of Assa Abloy and head of its Europe, Middle East, and Africa (EMEA) division, added: “The acquisition of Prometal provides us with a strong security door range that reinforces our total door opening solution for the Middle East.”
Established in 2000, Prometal employs 420 people. The firm’s head office and factory are located in Dubai, UAE.
The company’s sales for 2015 are expected to reach $27.23m (AED100m) with a good EBIT (earnings before interest and taxes) margin, according to Assa Abloy. The acquisition will be accretive to EPS (earnings per share) from the outset.