ASSA ABLOY acquires the remaining shares in Lockwood, Australia

In connection with ASSA ABLOY´s acquisition of 50 percent of the shares in Lockwood, an option was granted by EMAIL, the seller, to acquire the remaining shares in the company after a three year period.

This option gave ASSA ABLOY the right, in the event of a change of ownership of EMAIL, to execute its right to acquire the remaining shares earlier. As a result of the change of ownership at EMAIL, ASSA ABLOY has now acquired the remaining 50 percent of Lockwood shares. The price of these outstanding shares equals the equity in Lockwood whereby no additional goodwill has been created.

Lockwood has developed very positively since the first tranche of shares were taken over at the beginning of 1999. A successful job has been carried out in order to create incremental cross sales. New products such as cylinders, padlocks and panic bars have together with different companies in the Group been developed into local standards and subsequently successfully launched. Other steps to increase operational efficiency within the company are ahead of plan and will further enhance Lockwood´s profitability moving forward.