October 19, 2017

Assa Abloy buying August Home

HBJ FILE PHOTO
HBJ FILE PHOTO
A "co-bot'' automated tool alongside human workers at Assa Abloy's Berlin manufacturing facility.

The New Haven-based U.S. arm of Swedish manufacturer Assa Abloy has agreed to acquire California smart-lock maker August Home.

Financial terms for the deal expected to close before yearend were not disclosed Thursday.

Based in San Francisco, August Home makes and sells do-it-yourself smart locks for smart home access products and services.

Assa Abloy is a leading global maker of keyed door locks and electronic access-control hardware and accessories via its Yale Lock, Corbin Russwin, and other brands.

In Connecticut, Assa Abloy Americas makes locks and other products at its sprawling production facility in Berlin. It employs about 1,000 in the state.

Asked whether any of August Home's products will be manufactured in Berlin, Thanasis Molokotos, executive vice president of Assa Abloy and head of the Americas division, said via email Thursday, "Everything is business as usual. The intent is to operate and grow August as a standalone entity within Assa Abloy."

Assa Abloy's other U.S. plants are in Mason City, Iowa; Monroe, N.C.; Rockwood, Pa.; and Memphis and Milan, Tenn.

"August Home strengthens our residential smart door strategy with complementary smart locks, expansion into video doorbells and comprehensive solutions for home delivery," Molokotos said in a separate statement.

Born in 1994 through a merger, parent Assa Abloy has grown to include some 150 production facilities employing an estimated 47,000 people with 2015 worldwide sales of $7.5 billion.

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