Assa Abloy Sells French Elevator Maintenance Business to KONE

Assa Abloy has sold its PACA Ascenseurs elevator maintenance division in France to KONE, Assa Abloy announced on February 2. The Swedish door and lock company that provides automated entrance and security solutions said PACA was part of its acquisition of Agta Record in 2020 and had sales of approximately EUR30 million (US$32.6 million). Financial terms of the deal with KONE were not disclosed, but Assa Abloy said the transaction will have a positive influence on its operating margin. “In line with our strategy, we continue to focus on our core business portfolio,” Massimo Grassi, head of Assa Abloy’s entrance systems division, said. “We have a found a good home for the PACA business, which will receive full attention from its new owners to support further development.”