NEW DELHI, Aug 14: Gunnebo Security Group, the parent company of Gunnebo India, today said it has inked an agreement to acquire all the shares of the US-based Hamilton Safe Companies, the second largest producer and supplier of physical security products to banks and government.
The privately owned Hamilton Safe Companies was founded in 1967, and has an annual sale of 70 million dollars.
Hamilton has 300 employees split into seven legal entities located in Cincinnati, Ohio, US.
Sales are predominantly made in the US and Canada under the main Hamilton Safe brand, and customers are largely the US banks and public administration authorities.
“The acquisition of Hamilton is very much in line with Gunnebo’s strategic agenda,” Gunnebo President & CEO Per Borgvall said in a statement.
“The acquisition is expected to make a positive contribution to Gunnebo’s earnings before interest and tax, as well as a marginal positive impact on earnings per share, for 2012,” Borgvall added.
(UNI)
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