ASSA ABLOY acquires RFID component supplier

"LUX-IDent is a strategic technological addition to the ASSA ABLOY Group. The company reinforces our current offering within RFID components. The acquisition of LUX-IDent considerably enhances the Group´s position within smart components and will provide complementary growth opportunities," says Nico Delvaux, President and CEO of ASSA ABLOY, in a press release. LUX-IDent was founded in 2002 and has some 145 employees with its main office located in Lanškroun, Czech Republic. "The acquisition of LUX-IDent further optimizes our portfolio with more ways to offer customization in both large and small volume projects," says Stefan Widing, Executive Vice President and Head of HID Global. "Expanding our presence in Central and Eastern Europe with LUX-IDent will further enhance HID's ability to serve customers locally while extending our RFID technology into emerging markets." Sales for 2019 are expected to reach about CZK 440 million (approximately EUR 17 million) and the acquisition will be neutral to EPS from start. The acquisition is subject to regulatory approval and customary closing conditions and is expected to close during the fourth quarter of 2019.