By Dominic Chopping


STOCKHOLM--Assa Abloy acquired Wesko Locks, a Canadian manufacturer and supplier of electronic and specialty locks, it said Tuesday.

"This acquisition delivers on our strategy to strengthen our position in mature markets through adding complementary products and solutions to our core business," said Nico Delvaux, Chief Executive of the Swedish lock maker.

Wesko Locks was founded in 1990 and has around 70 employees. The main office and factory are located in Mississauga, near Toronto and it had sales of around $22 million Canadian dollars ($16.1 million) in 2023.

Assa Abloy said the acquisition will be accretive to earnings per share from the start.

Financial terms weren't disclosed.


Write to Dominic Chopping at dominic.chopping@wsj.com


(END) Dow Jones Newswires

06-25-24 0314ET