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Assa Abloy closes factories

Thursday, 22 September 2011
Locking giant Assa Abloy will close or restructure 17 production facilities and two administrative units.
This is expected to lead to a one-time cost of Skr950 million, according to a press release.
The number of employees affected is not clear.

"The uncertain economic situation makes it further to indicate certainty to expedite some rationalization, "writes Assa Abloy.

In addition, the costs of integration of Crawford, part of the newly acquired company from Cardo, to be higher than previously estimated and now looking to stand at around Skr380 million.
On the other hand leads the sales of other parts of Cardo, Flow Solutions and Lorentzen & Wettre, will bring in a gain of about Skr430 million.
Overall, negative one-off effect on the 2011 results will therefore be approximately Skr900 million before tax.
By Scancomark.se Team

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