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Assa Abloy CEO sees homes converting to digital locks as sales driver
November 15, 2017 / 2:46 PM / 6 days ago

Assa Abloy CEO sees homes converting to digital locks as sales driver

** Assa Abloy CEO Johan Molin to Reuters: “I believe our organic growth will accelerate, partly because homes convert to digital solutions and partly because we see much more digital solutions within business to business”

** “Also, more of what we do becomes aftermarket oriented, we will sell more of software licenses, different kinds of consumables such as virtual keys, plastic key cards, and also cloud solutions .. All this drives demand”

** On 2018 organic sales growth: “The global market situation right now with the information we have looks good and therefore I‘m optimistic about next year...It looks good”

** Says is slightly more optimistic about demand next year vs. his expectations a year ago for 2017, mainly due to a decent global economy, but also on the back of expectations of growing demand for electronic home locks as well as commercial building locks

** Says demand for Internet of Things (IoT) based locking solutions is taking off. “We have launched within parts of the group, but now more and more applications, are entering the picture.”

** Assa has already launched IoT based solutions within people flow and climate control analytics as well as within identity and access management systems

** Says cloud services are also taking off

** Assa Abloy hosts capital markets day in Stockholm on Wednesday

** Assa Abloy reported in October a slight increase third-quarter profit as expected but a continued sales drop in China, a relatively small market for the group but one where it has a focus to grow long-term, in a weak construction market

** Molin, who has served as CEO for 12 years, last month unveiled intentions to step down in 2018

** Assa Abloy’s products range from mechanical locks and electromechanical locks to automatic entrances and solutions for opening doors from smartphones

** Assa Abloy has the bulk of business in Europe and North America with sector peers including Swiss Dormakaba and U.S. Allegion

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