ASSA ABLOY acquires Lighthouse
STOCKHOLM—ASSA ABLOY on March 15 announced it acquired Lighthouse, a sectional door and docking distributor based in Charlotte, N.C.
"[The deal] reinforces the ASSA ABLOY Group’s leadership in entrance automation, where our sales have grown from SEK 3 billion ($363 million) in 2008 to SEK 18 billion in 2015,” Johan Molin, president and CEO of ASSA ABLOY, said in a prepared statement.
"Lighthouse is a strategic step for us in the U.S.A. and we welcome the entire team to ASSA ABLOY Entrance Systems,” Juan Vargues, EVP of ASSA ABLOY and head of Division Entrance Systems, said in the release.
Established in 1994, Lighthouse has about 150 employees. The company has offices in North Carolina, South Carolina, and Tennessee.
Sales for Lighthouse in 2016 are expected to reach $41 million and the acquisition will be accretive to EPS from start, ASSA ABLOY said in the announcement.