U.K. - Assa Abloy Acquires Paddock Fabrications
August 23, 2011

Assa Abloy has completed its acquisition of Paddock Holdings, a U.K.-based manufacturer of multipoint locks, with a turnover approaching $49.5 million or £30 million, 250 people employees, and a 90,000-square-foot production center.

The company has two core brands - Lockmaster and Millenco - and its range includes multipoint door, patio door and window locks; door cylinders; and hinges, handles, letter plates and other accessories.

As an Assa Abloy group company Paddock, together with Yale's specialist OEM team, will now be able to offer customers a more comprehensive product range backed up by a "market-leading" customer service.

"Paddock is an important acquisition, which reinforces our position in the fast growing multipoint lock segment," says Tzachi Wiesenfeld, executive vice president of Assa Abloy and head of EMEA Division. "Paddock has innovative products, impressive market presence and a very experienced team. The addition of Paddock's product portfolio will contribute significantly to our future growth."

Says Paddock CEO Nigel Hutchinson: "With Assa Abloy's backing and investment, we will be able to deliver a broader and more varied range of products to our market place. … The acquisition is also great news for our customers. Our current partners in the market will benefit from further investment, an enhanced service offering and most importantly and further support in delivering innovative new products. The plan for us is to continue the great work of the past few years and support and further develop our existing routes to market."

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