Assa Abloy sheds Folger Adam Security Detention business
August 26, 2004
NEW HAVEN, Conn. - Assa Abloy has announced the sale of its Folger Adam Security Detention division to Phelps-Tointon. The deal does not affect its Folger Adam Electric Door Controls unit.
Ã¢â‚¬Å“We came to the conclusion that the detention company wasnÃ¢â‚¬â„¢t like the rest of our business,Ã¢â‚¬Â said Marna Wilber, director of corporate communications and public relations. Ã¢â‚¬Å“It made sense to sell it off and continue in our focus.Ã¢â‚¬Â
The detention unit, which produces industrial products for use in prisons, has annual sales of $13.2 million, according to Assa Abloy.
In August 2000, Assa Abloy purchased the entire Intruder Security Group division from Williams PLC. The deal included Folger Adam Security Detention and Folger Adam Electric Door Controls, among other business units.
The electric door controls business remains a strong aspect of Assa Abloy, said Wilber. Ã¢â‚¬Å“It is very important to us.Ã¢â‚¬Â
Full financial terms of the deal with Phelps-Tointon, which owns detention business Southern Steel, were not disclosed.