Assa Abloy has signed an agreement with Japanese company, Alpha, to sell its Car Lock business.
The Car Lock segment, which has its headquarters in Tyniste, Czech Republic, employs 450 people and has operations in Mexico, Germany, Switzerland and China. It had a turnover of EUR60m (US$65.8m) in 2015.
Alpha is headquartered in Yokohama, Japan and employs more than 4,250 people. The acquisition will expand its global footprint to a total of 19 sites across 11 countries.
"I find it satisfying in Alpha, the Car Lock business gets a committed long-term owner that gives the business a new strategic home and creates opportunities for a continued good development," said Assa Abloy president and CEO, Johan Molin.
The transaction is subject to regulatory approval and is expected to close during the second quarter of this year.