ASSA ABLOY Acquires Canadian Firm Wesko Locks
Image courtesy of ASSA ABLOY
ASSA ABLOY announced the acquisition of Wesko Locks Ltd., a Canadian company known for manufacturing and supplying electronic and specialty locks.
“I am very pleased to welcome Wesko Locks into the ASSA ABLOY Group. This acquisition delivers on our strategy to strengthen our position in mature markets through adding complementary products and solutions to our core business,” says Nico Delvaux, president and CEO of ASSA ABLOY.
“Wesko Locks has an extensive portfolio that complements our current high-security products and solutions,” says Lucas Boselli, executive vice president of ASSA ABLOY and head of the Americas division. “Their focus on high quality, innovative products and excellent customer service reflects our values and I’m excited for them to be part of ASSA ABLOY.”
Founded in 1990, Wesko Locks employs approximately 70 people. The company’s main office and manufacturing facility are located in Mississauga, Ontario, Canada, near Toronto.
Sales for 2023 amounted to about $16.5 million (approx. MSEK 170) with a strong EBIT margin. The acquisition will be accretive to EPS from the start, according to the announcement.
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