Assa Abloy Acquires Paddock Fabrications
Assa Abloy AB, the global supplier of door and hardware products, has completed its acquisition of Paddock Holdings. With 250 employees and annual sales approaching $50 million, Paddock is said to be the UK’s largest manufacturer of multipoint locks.
The company has two core brands–Lockmaster and Millenco–and its range includes multipoint door, patio door and window locks; door cylinders; and hinges, handles, letter plates and other accessories.The British company introduced its Lockmaster multipoint line to the North American market in 2009.
“Paddock is an important acquisition, which reinforces our position in the fast growing multipoint lock segment," says Tzachi Wiesenfeld, Assa Abloy executive vice president and head of its Europe, Middle East and Africa division. "Paddock has innovative products, impressive market presence and a very experienced team. The addition of Paddock’s product portfolio will contribute significantly to our future growth.”
“These are exciting times for Paddock," says Nigel Hutchinson, Paddock CEO. "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. Assa Abloy is the market leader in door solutions, so this is a natural fit for both businesses.”
Since entering the North American market, Paddock has named Generation 4 Sales as its U.S. representative, and the DS Group and Radisson Industries as its representatives in Canada. Company officials state it will remain "business as usual" for Paddock's North American customers under the new ownership.
"Our current partners in the market will benefit from further investment, an enhanced service offering and most importantly and further support in delivering innovative new products," adds Hutchinson. "The plan for us is to continue the great work of the past few years and support and further develop our existing routes to market."
Assa Abloy owns numerous North American door, hardware and lock operations. Those serving the residential market include Emtek Products, Interlock USA, Medeco, Mul-T-Lock, Pemko Manufacturing and Yale Residential Security Products.