By Dominic Chopping
STOCKHOLM--Sweden's Assa Abloy AB said Thursday that it has sold the Italian residential door business within its Gardesa unit to Italy-based Bertolotto.
Gardesa is an Italian manufacturer of residential security doors and roller shutters, headquartered in Cortemaggiore in Italy, and Assa Abloy said it is also in the final stages of selling the remaining shutter business.
The sale resulted in a capital loss and exit costs amounting to 18 million euros ($21.9 million) booked in the fourth quarter of 2020, but that it will have a positive effect on Assa Abloy's operating margin.
The sale of the shutter business is expected to be completed during the first quarter of 2021, it added.
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(END) Dow Jones Newswires
January 14, 2021 02:49 ET (07:49 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.