Sunray Engineering Group Limited has been acquired by ASSA ABLOY.
The company’s product and service offering complements ASSA ABLOY’s existing activities. The acquisition will enable ASSA ABLOY to offer its customers a broader range of end-to-end access solutions.
Sunray has confirmed that it will continue to operate from its current location.
In addition, there will be no changes to management teams or operational activities in the foreseeable future.
“I am very pleased to welcome Sunray Engineering to the ASSA ABLOY Group,” comments Nico Delvaux, President and CEO of ASSA ABLOY. “This acquisition is in line with our strategy to strengthen our position in mature markets and complement our comprehensive offering in the UK and EMEIA as a whole.”
“With Sunray Engineering and its great team, we are looking to expand our presence in the high quality doors and louvre systems market. Sunray Engineering has a long and successful history in the UK. This is a fantastic opportunity to help us achieve our growth ambitions and expand our door offering,” says Neil Vann, Executive Vice President of ASSA ABLOY and Head of the EMEIA Division.
Sunray Engineering was founded in 1980 and has around 70 employees. Its head office is located in Kent, south-east England.
Sales for 2022 were approximately 12 MGBP (approximately 150 MSEK) with a strong EBIT margin. The acquisition will be EPS positive from the outset.