ASSA ABLOY To Sell Citizen ID Business To TOPPAN

(RTTNews) - ASSA ABLOY (ASAZF.PK), a Swedish provider of access solutions, agreed to sell its Citizen ID business to TOPPAN.

The Citizen ID business area of HID manufactures, designs, and implements physical and mobile identity solutions for government to citizen programs around the globe. Citizen ID has some 450 employees with manufacturing facilities in Ireland, Malta and the US. Sales in 2023 amounted to about 1.30 billion Swedish kronor.

ASSA ABLOY noted that the transaction will have a positive effect on its operating margin going forward. The capital result before taxes is expected to be insignificant.

The transaction is subject to customary closing conditions, regulatory approvals, and employee consultation and is expected to close during the first quarter of 2025.