Allegion acquires SimonsVoss
Security provider Allegion has signed an agreement to acquire SimonsVoss Technologies GmbH via its subsidiary Allegion Luxembourg Holding & Financing. The transaction is expected to be completed in the third quarter of this year, as the company recently announced.
SimonsVoss headquartered in Unterföhring near Munich, is a supplier of electronic locking systems that are sold worldwide. The company's sales amounted to around 52 million euros in 2014. The company has 275 employees.
"SimonsVoss is highly complementary to Allegion's portfolio and offers significant synergy opportunities," said David D. Petratis, CEO of Allegion. "By adding the company to the Allegion family, we are expanding our technical expertise and solidifying our global leadership in the dynamic electro-mechanical locking systems market."
According to the announcement, Bernhard Sommer, CEO and managing director of SimonsVoss Technologies, will continue to lead the company. "Allegion's global presence in both the commercial and residential security markets will provide us with new growth opportunities," Sommer said. "The two companies are an excellent fit."
The takeover must ultimately be approved by the antitrust authorities.
