1 Aug 2008

ASSA ABLOY Entrance Systems acquires leading Korean door automation company

ASSA ABLOY Entrance Systems has acquired Cheil, a Korean door automation company that offers a broad range of products and services.

"Korea is one of the largest markets in Asia for automatic doors with innovative products. This acquisition gives ASSA ABLOY a market-leading position in Korea and brings a broad spectrum of products and excellent relations to general contractors, as well as a good service business," says Johan Molin, President and CEO of ASSA ABLOY.

Entrance Systems President Juan Vargues expanded on those sentiments.

“Cheil has a fantastic position in their own market, as well as a very good product range for our expanding Asian markets,” Juan said.  “Our next move will be to figure out how best to adapt them for customers outside of Asia. We have been working very hard during the last 18 months to acquire this company and I am very glad that we could successfully conclude our negotiations. Cheil is a very important milestone in our development in Asia. I take the opportunity to thank all the people involved in this important project and I welcome Cheil to ASSA ABLOY”
 
The company has 50 employees and is expected to reach a turnover of SEK 150 M in 2008.