Securitas to Expand in Hong Kong
18 September 2009
Following the strategy to expand in Asia, Securitas has agreed to acquire the operations and assets relating to the guarding service operations of Guardforce Ltd in Hong Kong from UTC Fire and Security, a unit of United Technologies Corporation (NYSE:UTX). The agreement is subject to certain closing conditions.
Guardforce, a leader in the Hong Kong guarding services market, has annual sales of approximately MSEK 114 (MHKD 125 ) in guarding services and approximately 1,000 employees. The company has sales in many key customer segments, but most notably in the residential, transport and logistics and finance sector.
The Hong Kong market for guarding services is estimated to be worth approximately MSEK 900 (MHKD 1,000) and offers a good potential for further growth through outsourcing.
After this acquisition Securitas will have annual sales of approximately MSEK 126 (MHKD 140) and 1,200 employees in Hong Kong.
The acquisition is expected to be consolidated in Securitas AB during the fourth quarter 2009.
This press release is also available at: www.securitas.com
Gisela Lindstrand, Senior Vice President Corporate Communications and Public Affairs, Securitas AB, phone +46 10 470 3011 or mobile +46 70 287 8662