Assa Abloy Acquires Classic Brass

(RTTNews) - Assa Abloy AB (ASS.L), a manufacturer of access products, Friday announced that it has acquired Classic Brass Inc, an American manufacturer of premium cabinet and door hardware.

The financial details of the acquisition have not been divulged.

"I am very pleased to welcome Classic Brass to ASSA ABLOY. This acquisition delivers on our strategy to strengthen our position in mature markets through adding complementary products and solutions to our core business," says Nico Delvaux, President and CEO of ASSA ABLOY.

The company added that the acquisition will be accretive to EPS from the start.

Classic Brass was founded in 1996 and has around 80 employees with the main office located in Jamestown, New York, USA.

Post transaction, Classic Brass will become a part of the Residential Business Segment within the Americas Division.

Currently, shares of the company are trading at €30.96, up 0.91% on the Frankfurt Stock Exchange.