Takeover of security specialist

The Italian group Iseo Serrature, which is based at Pisogne, has acquired the German company Schloßsicherungen Gera. This locks and security systems manufacturer generated sales of approx. € 5.2 mio in 2003 with a workforce of about 40. Iseo’s most recent results revealed sales of € 100 mio, which is expected to increase to € 118 mio during the current year. About seven per cent of the increase should be achieved by organic growth. Further domestic and international acquisitions are being planned, in addition to the one that has now been completed.