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In news released just before Christmas ASSA ABLOY has acquired Cerraduras de Colombia S.A., Cerracol, market leader in the Central American lock market, based in Colombia.

Cerracol is a vertically integrated producer of Yale branded locks and hardware. The company was established in 1964, is headquartered in Bogota, Colombia, and has approximately 400 employees.

Johan Molin, President and CEO of ASSA ABLOY said:

"I am very pleased that Cerracol is joining the ASSA ABLOY Group and with this addition we take another important step in our strategy to grow our presence in the emerging markets, this time in the fast growing Central American market.

Thanasis Molokotos, Head of the Americas Division and Executive Vice President of ASSA ABLOY added that "Cerracol is an exciting addition ... with excellent management and a well deserved reputation for quality and reliability in providing Yale branded products." Sales are expected to reach USD 20 M in 2010 with a good EBIT margin. The acquisition is expected to be EPS accretive from the date of the acquisition.