ASSA ABLOY, a Swedish multinational, recently announced the signing of an agreement to acquire the locks and hardware business under the ENOX brand from Pooja Hardware. The ENOX ranges of products have been recognized for their quality and appropriateness for the Indian market. 

The acquisition adds complimentary business channels and extensive product range to existing business of ASSA ABLOY in India.  


"I am very pleased that the ENOX brand is joining the ASSA ABLOY Group. ENOX is the group’s first major entry into the large and fast growing Indian market and will constitute an important building block in our strategy to grow market presence in emerging markets. India is a key market for us in Asia and we are keen to invest in localization of our products", says Magnus Kagevik, Executive Vice President of ASSA ABLOY and Head of Division Asia Pacific.

 

Adds Manu Ahuja, President –‘India and South East Asia’ for ASSA ABLOY, “The ENOX brand has made spectacular progress in the past few years with an extensive product range and depth of distribution. This will give us access to a new customer base within the fast growing glass hardware segment. The philosophy of ENOX resonates with the ASSA ABLOY promise of satisfying end-user needs for security, safety and convenience. This acquisition helps ASSA ABLOY reach a formidable position in the Locks and Door Hardware Industry in India.”

 

Established in 2007, ENOX has consistently won with the Indian consumers and grown from strength to strength. Speaking on the occasion, Manilal Shah, owner of ENOX said, "It is a great opportunity to work with ASSA ABLOY, the global leaders in lock and hardware industry. With this collaboration, "ENOX" will achieve new heights. The combination of these two brands will be unmatched in the market with greater recognition, credibility and values". Mr. Manilal Shah would continue to lead the operations subsequent to the transaction.

 

ASSA ABLOY entered the India market, winning the prestigious New Delhi International Airport Terminal-3 project in 2009. Ever since, reiterating its commitment to the Indian market, it has introduced a wide range of offerings under the brand – ‘Yale’. Their Digital Door Locks are at the forefront of innovation and are redefining the way homes are secured in India.

The transaction is subject to regulatory approval and is expected to close during Q3 2014. PricewaterhouseCoopers was advisor to ENOX for the transaction.

 

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