Following last year's announcement, dormakaba has now completed the acquisition of certain Mechanical Security businesses from Stanley Black & Decker.
Included in the buy out is Stanley Commercial Hardware, based mainly across North America witha production facility in Taiwan, as well as GMT in China.
The move makes dormakaba a strong number three player in the North American market - previously it was "a distant four". The company can now offer the full portfolio of door hardware and access control solutions to customers.
The purchase has boosted dormakaba's potential for profitable growth, the firm said, thanks to a large installed base with hundreds of thousands of end-user sites across the States, big name brands like BEST and PHI, and an enhanced product breadth including mechanical security solutions as well as wireless and cloud-based electronic locks.
With the closing of the transaction, Philip Bradney will join dormakaba and will take over managing responsibility for the acquired businesses in North America. Bradney has decades-long experience in the industry. For over twenty years he held senior management positions at BEST Access Systems and then Stanley, guiding the company’s integration into Stanley Black & Decker until 2009.
COO of Access Solutions Americas Michael Kincaid said: “We are pleased that Philip Bradney is joining our Americas team and are convinced that his extensive industry knowledge and integration experience will be a valuable asset for grasping the opportunities presented by this acquisition.”