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Assa Abloy sells AdvanIDe
Assa Abloy has sold the business and assets of AdvanIDe to a new holding company based in Singapore with the majority shareholder being the Japan South East Asia Growth Fund L.P.
According to the company the transaction will lead to growth opportunities for AdvanIDe, which are currently limited within the Assa Abloy Group.
AdvanIDe is a semiconductor provider, focused on components for RFID transponders, chip cards, RFID readers and terminals. The business has its headquarters in Singapore, employs 56 people and has operations in the US, South America, Europe and Asia Pacific. The business expects a turnover in excess of USD 150 milion in 2017.
“I find it very satisfying that AdvanIDe gets a committed long-term investor that gives the business a new strategic home and creates opportunities for a continued positive development” says Johan Molin, President and CEO of Assa Abloy in a press release.
