dormakaba Holding AG / CH0011795959
10.06.2024 - 06:30:08dormakaba has signed agreement to divest its Sub-Saharan African business
| dormakaba Holding AG / Key word(s): Agreement 10.06.2024 / 06:30 CET/CEST Rümlang, 10 June 2024 – dormakaba announces that it has signed an agreement to sell the South African entity dormakaba South Africa (Pty) Ltd to the local management team. The transaction is pending final approval by the relevant authorities, which dormakaba expects in the coming weeks. The parties have agreed not to disclose the financial terms of the transaction. With the divestment of Sub-Saharan African business dormakaba remains committed to the market. After closing, the business will operate as Access Hardware Holdings (PTY) Ltd. under new ownership and will act as the exclusive dormakaba partner in the region. "As part of our ongoing transformation, this divestment clearly demonstrates dormakaba's commitment to achieving leadership positions in our core markets and product clusters. This strategic approach is aimed at maximizing our resources, enhancing efficiency, and ultimately positioning dormakaba as a global industry leader," says Till Reuter, CEO of dormakaba. Effective after closing, the local management team will officially take ownership of the business activities in the Sub-Saharan African countries. All employees of the market organization will be retained in the new business. “The dedicated management team has a deep understanding of the local market dynamics. We are pleased that this change of ownership will ensure business continuity in the region. Our Middle East and Africa market organization will continue to support the new company, and we look forward to collaborating as exclusive partners," adds Till Reuter.
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| Language: | English |
| Company: | dormakaba Holding AG |
| Hofwisenstrasse 24 | |
| 8153 Rümlang | |
| Switzerland | |
| Phone: | +41 448189011 |
| E-mail: | info@dormakaba.com |
| Internet: | https://www.dormakabagroup.com |
| ISIN: | CH0011795959 |
| Listed: | SIX Swiss Exchange |
| EQS News ID: | 1921005 |
| End of News | EQS News Service |
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