Assa Abloy Sells French Elevator Maintenance Business to Kone
By Dominic Chopping
STOCKHOLM--Assa Abloy has sold its PACA Ascenseurs elevator maintenance business in France to Kone.
The Swedish lock maker said PACA was part of its acquisition of Agta Record in 2020 and it had sales in 2022 of around 30 million euros ($32.6 million).
"In line with our strategy, we continue to focus on our core business portfolio," said Massimo Grassi, head of Assa Abloy's entrance systems division. "We have found a good home for the PACA business, which will receive full attention from its new owners to support further development."
Financial terms weren't disclosed but Assa Abloy said the transaction will have a positive effect on its operating margin.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
February 02, 2024 07:50 ET (12:50 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
Going Into Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
What’s Happening in the Markets This Week
-
4 Top Dividend-Paying REIT Stock Picks
-
After Earnings, Is Netflix Stock a Buy, a Sell, or Fairly Valued?
-
P-CAPE: A Better Way for Investors to Estimate Future Returns
-
Which Stocks Have Driven the Stealth Large-Value Rally?
-
Forecasts for Q2 GDP Report Show a Healthy but Slowing Economy
-
5 Stocks to Buy as the Market Rally Broadens
-
4 Top US Travel Stock Picks
-
How Do Interest Rates Affect Stock Market Returns?
-
American Airlines Earnings: Ticket Distribution Misstep Affected Results
-
Going Into Earnings, Is Albemarle Stock a Buy, a Sell, or Fairly Valued?
-
3 Top Cybersecurity Stock Picks for Long-Term Investors
-
AbbVie Earnings: Firm Sees Strong Next-Generation Immunology Drugs Sales
-
Ford Earnings: Warranty Problems on Older Vehicles Slam Results
-
ServiceNow Earnings: Operating on a Higher Plane Within Enterprise Software