Important strategic expansion for TKH in security systems
TKH has reached agreement on the acquisition of 100% of the
shares in Aasset Security International (Aasset),
headquartered in Paris (France), with its subsidiaries Aasset
France and Aasset Germany, and branches in Italy and UK.
Aasset is a leading provider of security solutions and
video surveillance and offers added-value services such as
designing of architectures, development of specialized
software and sourcing of equipment. The company is one of
Europe's leading distributors of CCTV products. In
France and Germany Aasset has a top 3 position in CCTV
Alexander van der Lof, CEO TKH: "This acquisition
accelerates TKH's strategic growth strategy in the security
segment. Aasset has a strong market position in France and
Germany. Aasset's brand portfolio includes the brand name
GRUNDIG in the German market and TKH will further position
this brand within Europe. In addition, Aasset's access
to the total TKH portfolio creates interesting growth
potential for both Aasset and TKH."
Yoram Assous, CEO Aasset: "The techniques and
knowledge of the security systems of TKH are of strategic
importance for Aasset. As a member of TKH, we will be able
to provide complete security solutions to our customers.
Besides, TKH can take advantage of our strong network of
relationships, which we built since our establishment
almost 30 years ago.'
The activities of Aasset will be integrated in the
sub-segment security systems, which is part of TKH's
Building Solutions. Aasset has 88 employees (FTE) and an
annual turnover of 35 million.
This acquisition is in line with TKH's objective to
increase the turnover generated by the security solutions
to 20% of the total turnover.
TKH finances the transaction from existing resources and
expects that the acquisition will have a positive effect on
TKH's earnings per share as from the second quarter