Assa Abloy Buys Inventory Management Platform Invengo Textile Services
By Dominic Chopping
STOCKHOLM--Swedish lock maker Assa Abloy AB said Wednesday that
it has acquired the textile services business of Invengo
Information Technology Co., a real-time inventory management
platform that tracks and monitors linen and textile assets.
"Invengo Textile Services is a strategic technological addition
to the Assa Abloy Group," Chief Executive Nico Delvaux said.
"The acquisition of Invengo Textile Services enhances the
group's position within smart components and will provide
complementary growth opportunities."
Invengo Textile Services--formerly Tagsys--was founded in 1993
and has some 45 employees. Based in La Ciotat, France, it had sales
of about 11 million euros ($13.3 million) in 2020 and will be
neutral to EPS from the start, Assa Abloy said.
The acquisition price wasn't disclosed.
Write to Dominic Chopping at email@example.com
(END) Dow Jones Newswires
March 03, 2021 02:43 ET (07:43 GMT)
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