BOLOGNA. Faac, the Bolognese multinational of automatic gates bequeathed to the Curia by the entrepreneur Michelangelo Manini, who died in 2012, acquires part of his European business of automatic and fast sliding doors from the Swedish global group Assa Abloy.
An acquisition, Faac announces, 100 million euros for 93 million in turnover and 600 employees. It is the largest in its history.
Faac has signed a binding agreement for the acquisition from Assa Abloy of a part of the Agta Record group and some of its direct subsidiaries operating in the sector of automatic pedestrian doors and high-speed doors. In detail, Faac acquires the direct subsidiaries in France and the United Kingdom, the companies operating under the Record brand in the Netherlands, Austria, Hungary and Slovenia and the right to sell exclusively Agta Record products in Finland, the Czech Republic and Iceland.
The price paid for the transaction is 100 million euros without considering the cash and debt of the acquired companies. The operation was funded entirely from own funds and is expected to close by the third quarter of 2020.
