UPDATE 2-Lock-maker Assa Abloy says new acquisitions will be main growth driver [Reuters]
ASSA ABLOY UNSP/ADR (ASAZY)
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Source: Reuters
Lock-maker Assa Abloy says new acquisitions will be main growth driver STOCKHOLM (Reuters) - Sweden’s Assa Abloy ( ASSAb.ST ), the world’s biggest lock and security doors maker, said on Thursday acquisitions agreed last year would be the main source of improved sales, after fourth-quarter organic sales growth slowed to a trickle. Its shares fell 3% in early trade after gaining 25% over the last year of trading to Wednesday’s close. In March 2019, the maker of mechanical and digital locks and security doors agreed to buy an additional 54% stake in Swiss firm agta record, and in November said it would acquire AM Group in Australia. The company said the purchases would dilute profit margins this year, but would be a major driver of growth once they had been integrated. “Because of these businesses’, current margin levels and their size, our group operating margin will be diluted,” the company said in a statement. “However, as we integrate these highly complementary businesses, they wil
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