ASSA ABLOY announces sale of CEDES in Switzerland to capiton AG
Niederer Kraft Frey is acting as counsel to ASSA ABLOY in the sale of its sensor technology business CEDES in Switzerland to capiton AG. ASSA ABLOY announced signing of the sale agreement on 7 September 2020. The transaction is subject to customary closing conditions and is expected to close during the fourth quarter of 2020.
CEDES is a leading sensor technology company in the elevator and door industry. CEDES was established in 1986 and has some 320 employees. It is headquartered in Landquart, Switzerland. Sales in 2019 amounted to about EUR 51 million.
The NKF team is led by Corporate/M&A partners Thomas Brönnimann and Philippe Weber, working with partners Markus Kronauer (Tax) and Nicolas Birkhäuser (Competition), senior associate Deirdre Ní Annracháin and associate Samuel Hochstrasser (both Corporate/M&A).