Assa Abloy to acquire a 54% stake in Agta Record for €506m.

Assa Abloy, a Swedish lock manufacturer, agreed to acquire a 54% stake in Agta Record, a manufacturer of automatic door systems, for €506m ($567m). The purchase price represents a 6% premium to Agta's share price. "agta record will complement both our product offering as well as geographic coverage. agta record has with "record" a well-known brand, a strong culture, high quality products and a very strong workforce and management. Our intention is to keep the record brand and keep agta record as a separate Business area, in parallel to our pedestrian door activity, with headquarter in Fehraltorf, Switzerland," Mogens Jensen, ASSA ABLOY Executive Vice President and Head of Division Entrance Systems.