Sep 1, 2015 at 11:37 o\clock


Byline: Graeme Brown

LOCK manufacturer Paddock Holdings has agreed a deal to be taken over by a Swedish rival.

Assa Abloy will take over the Bloxwich-based company, which employs 250 people and has a turnover approaching pounds 30 million, if the deal is given the green light by the Office of Fair Trading.

Paddock chief executive Nigel Hutchinson said the move will open doors for the company to expand its export sales.

Mr Hutchinson said: "These are exciting times for Paddock.

"With Assa Abloy's backing and investment, we will be able to deliver a broader and more varied range of products to our market place, as well as utilising Assa Abloy's channels all over the world for export growth.

"Assa Abloy is the market leader in door solutions, so this is a natural fit for both businesses." Assa Abloy has its UK headquarters in Watford, but has a distribution centre in Wolverhampton. The deal for Paddock is conditional on receipt of merger clearance from the UK Office of Fair Trading as the company is the UK's largest manufacturer of multipoint locks.

Paddock operates from a modern 90,000 sq ft production centre in the region and has two core brands, Lockmaster and Millenco. Its range includes multipoint door, patio door and window locks; door cylinders; and hinges, handles, letter plates and other accessories.

Assa Abloy president Johan Molin said: "This acquisition is part of our strategy to build upon our presence in the UK market by adding complementary lock products to our current portfolio. The UK is one of our most important markets in Europe and strategic - slotenmaker ijburg - to our continued growth.

"Paddock is a great addition to Assa Abloy UK and to the EMEA business as a whole. This is an important acquisition, which reinforces our position in the fast growing multipoint lock segment. Paddock has innovative products, impressive market presence and a very experienced team."

The Paddock product range and sales team will also act as a base for generating sales of the new Yale Keyfree digital door lock, which works in conjunction with multipoint locking systems on new residential doors.

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