Assa Abloy acquires Pemko for door parts, lands $300 million
VENTURA, Calif.--Assa Abloy announced Feb. 1 the acquisition of Pemko Manufacturing, a company that designs and manufactures door components for sealing doors. Pemko was family owned and was founded here in 1952. Terms of the deal were not announced, but Assa Abloy reported that Pemko has 330 employees and did $55 million in sales in 2006. Thanasis Molokotos, head of Assa Abloy's Americas division, said Pemko's products were complementary with Assa Abloy's existing lines.
In other Assa Abloy news, the company obtained $300 million in private placement money through Barclays Capital. The transaction was subscribed by a diverse group of investors and consisted of five tranches from 5 to 12 years in both fixed and floating rates notes. The company's last private placement was in 2005.