Global security products and solutions provider, Allegion plc has announced it will acquire Stanley Access Technologies LLC (“Access Technologies”) for $900m.
The deal includes assets related to the automatic entrance solutions business currently owned by Stanley Black & Decker Inc.
Allegion owns some of the most well known names in access security including CISA, Interflex, LCN, Schlage, SimonsVoss and Von Duprin, which recorded $2.9 billion in revenue for 2021 from worldwide sales.
The acquisition, which has been unanimously approved by Allegion’s Board of Directors, is expected to close in the third quarter of 2022, subject to regulatory approval in the United States.
The new acquisition Access Technologies is a manufacturer, installer and service provider of automatic doors in North America, primarily in the United States and Canada. Its diversified customer base centers on non-residential settings, including retail, healthcare, education, commercial offices, hospitality and government. Access Technologies generated approximately $340 million in net sales in 2021.
In a statement to shareholders following the announcement the purchaser said: “As a result of this acquisition, Allegion will significantly expand its breadth of access, egress and access control solutions. In addition, Allegion will have exposure to high-growth segments across a large installed base, as well as the scale and coverage to better serve its commercial and institutional customers with automatic entrance solutions and access technologies.”
David D. Petratis, Allegion chairman, president and CEO said: “We are excited to add the Access Technologies business to our portfolio of solutions.
“With this acquisition, we will expand in an adjacent market segment, ultimately providing customers and end users with a more comprehensive offering for seamless access.
“Combining Access Technologies’ high-quality products and services with our ability to deliver value through access will significantly expand our core business and accelerate growth. Access Technologies shares a strong track record of innovation and is a market leader in its category. We look forward to welcoming the team to the Allegion family and unlocking greater value for our customers and our shareholders.”
Brian Pertman, Access Technologies President, General Manager, said: “Allegion has a proven record of investing in its core business and driving innovation, which will offer significant benefits for our business, employees and customers.
“Allegion will provide our business with incredibly strong new end user, architectural and specification relationships and distribution networks, as well as additional resources to take our business to the next level. We know Allegion well and believe our shared culture of providing quality solutions to customers will accelerate our business into the future.”
For more on Allegion and its business click HERE.
Stanley Access Technologies manufactures state-of-the-art automatic slide doors for industrial, commercial, healthcare, and retail use. It also offers repairs and maintenance on all brands of automatic doors. Doors are described as “aesthetically pleasing, easy to customize, durable automatic sliding doors, automatic sliding doors”. The company operates throughout North America and Europe.
For more on Stanley Access Technologies click HERE
Return to Security Journal Americas NEWS pages