[South Africa] ASSA ABLOY acquires IDS
ASSA ABLOY has signed an agreement to acquire IDS, the leading manufacturer and distributor of electronic security solutions in South Africa.
"I am very pleased to welcome IDS into the ASSA ABLOY Group. The acquisition of IDS delivers on our strategy to grow our presence in emerging markets", says Johan Molin, President and CEO of ASSA ABLOY.
"IDS is a very attractive addition to the EMEA division, thanks to its strong position in South Africa, its complementary product range and its excellent team. IDS' distribution outlets and its strong relationships with installers and alarm monitoring companies will open new market routes for us", says Tzachi Wiesenfeld, Executive Vice President of ASSA ABLOY and Head of the EMEA division.
IDS was established in 1985. It is headquartered in Durban, South Africa and has some 190 employees. Sales for 2017 are expected to reach $2.3 million and the acquisition will be accretive to EPS from start.
The transaction is conditional on regulatory approval and is expected to close during the third quarter of 2017.