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DORMAKABA HOLDING AG dormakaba has signed agreement to divest its Sub-Saharan African business

Transparency directive : regulatory news

10/06/2024 06:30

dormakaba Holding AG / Key word(s): Agreement
dormakaba has signed agreement to divest its Sub-Saharan African business

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.

Further information for: Investors
  Swetlana Iodko Schoordijk
  Head Investor Relations
  T: +41 44 818 90 28
  swetlana.iodko@dormakaba.com
   
  Media
  Patrick Lehn
  Senior Manager External Communications / Press Officer
  T: +41 44 818 92 86
  patrick.lehn@dormakaba.com

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Media Release (PDF)

Disclaimer 

This communication contains certain forward-looking statements including, but not limited to, those using the words “believes”, “assumes”, “expects” or formulations of a similar kind. Such forward-looking statements reflect the current judgement of the company, involve risks and uncertainties and are made on the basis of assumptions and expectations that the company believes to be reasonable at this time but may prove to be erroneous. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks, uncertainties and other factors outside of the company's and the Group's control which could lead to substantial differences between the actual future results, the financial situation, the development or performance of the company or the Group and those either expressed or implied by such statements. Except as required by applicable law or regulation, the company accepts no obligation to continue to report, update or otherwise review such forward-looking statements or adjust them to new information, or future events or developments.  

This communication does not constitute an offer or an invitation for the sale or purchase of securities in any jurisdiction.

dormakaba®, dorma+kaba®, Kaba®, Dorma®, Ilco®, LEGIC®, Silca®, BEST® etc. are registered trademarks of the dormakaba Group. Due to country-specific constraints or marketing considerations, some of the dormakaba Group products and systems may not be available in every market.



End of Media Release


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

1921005  10.06.2024 CET/CEST

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