Swedish lock firm acquiring Brazil's Udinese and Papaiz

Swedish lock manufacturer ASSA ABLOY said Tuesday it has signed agreements to purchase Brazil lock company Papaiz, and Brazil sliding door and window hardware maker Udinese.

"I am very pleased that Papaiz and Udinese are joining the ASSA ABLOY group,” ASSA ABLOY President and CEO Johan Molin said. “Papaiz and Udinese represent for the group two major acquisitions in the Brazilian market. This constitutes an important next step in our strategy to grow market leadership in emerging markets.”

Papaiz started business in Salvado in the northeastern part of Brazil in 1952. Udinese started business in 1966 in Diadema, which is near Sao Paulo.

"We welcome to ASSA ABLOY Papaiz, the most well-known Brazilian lock brand, and Udinese, the leading window hardware producer in the Brazilian market,” Thanasis Molokotos, ASSA ABLOY executive vice president and head of the Americas Division, said. “These acquisitions will significantly increase our product range in Brazil.”

The acquisition of both companies will see ASSA ABLOY add 1,300 employees.