Assa Abloy exits detention biz
NEW HAVEN, Conn. - Assa Abloy has sold its Folger Adam Security Detection business to a fellow detention business operator, shedding a business considered non-core to its future.
The sale, however, did not include Assa AbloyÃ¢â‚¬â„¢s Folger Adam Electric Door Control, a separate business that makes electric strikes, magnetic locks and other related security products.
Ã¢â‚¬Å“Even though Folger Adam Security Detention made doors, the detention business, the way it manufacturers, the way it sells, is very different than the way contract hardware sells,Ã¢â‚¬Â Marna Wilbur, director of
corporate communications and public relations for Assa Abloy North America.
Assa Abloy completed the sale of its detention business in early August to Phelps-Tointon, the owner of Southern Steel and a detention business operator, for an undisclosed amount. The deal included Folger Adam Security DetentionÃ¢â‚¬â„¢s facility in Illinois. The detention business reported annual sales of $3.2 million.
Wilbur said officials at the Swedish company identified the detention business as non-core about a year ago. She said Assa Abloy acquired the detention business as part of a group purchase in 2000, when it bought Intruder Security Group. That deal included both Folger Adam businesses.
Assa Abloy owns a number of other companies in the security market, including HID Corp., HES, Securitron, Indala, Corbin Russwin and Sargent.