20 Jan 2010
ASSA ABLOY's Pan Pan acquisition receives anti trust clearance
ASSA ABLOY has after a longer than expected
process received the anti trust clearance for the acquisition of
Pan Pan.
Before consolidating Pan Pan into the ASSA ABLOY
Group a business license is required from the local Chinese
authorities. The business license is expected during the first
quarter of 2010.
Pan Pan was established in 1982 and is
headquartered in Yingkou, north of Beijing. The Company
manufactures in six locations in China and has more than 4,000
employees. Pan Pan has an annual capacity to produce 2.4 million
high security doors in the form of fire, anti theft, armored,
corrosion proof and standard high security doors. The company has
an extensive well established distribution network across China and
complements well ASSA ABLOY's other door companies on the Chinese
market.
For more information, please
contact:
Johan Molin, President and CEO, tel no: +46 8 506
485 42
Tomas Eliasson, CFO and Executive Vice President,
tel no: +46 8 506 485 72
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