STOCKHOLM, Jan. 24, 2003 (PRIMEZONE) -- A new worldwide organization, ASSA ABLOY Hospitality brings together the Group's (Other OTC:ASAZF) four brands serving the hospitality industry -- Elsafe, Timelox, VingCard and Inhova -- to better respond to the growing security concerns of major hotel owners, operators and their guests. The global leader of guestroom locks and hotel safes makes ASSA ABLOY unique as a security solution provider to the hospitality industry.
ASSA ABLOY Hospitality will in addition to the four manufacturing units consist of ten dedicated sales companies and ten Hospitality business units within ASSA ABLOY Group companies. The new organization, ASSA ABLOY Hospitality, was first launched in November 2002 in the USA and will be extended to other regions during first half of 2003.
The ASSA ABLOY Hospitality headquarters will be based in Oslo, Norway. Dag Schjerven, President of VingCard has been appointed President and CEO of ASSA ABLOY Hospitality.
"ASSA ABLOY Hospitality can offer the best solutions for any security challenge", says Dag Schjerven. "We recognize that each hotel requires different security solutions. By bringing together a better and broader product offering, we can meet our customers' individual needs in the most efficient and convenient manner."
The positioning of the brands has been carefully considered. VingCard, the largest hotel-lock company, will aim for the middle and high end segments including the marine segment. Timelox will be a customized integrator, concentrating on the top end and special niches such as the gaming segment. Inhova will use its leading-edge technologies to offer innovative locking solutions to the industry. Elsafe is the undisputed leader in hotel-room safes with a product portfolio that addresses all market segments.
Further information can be obtained from Goran Jansson, Chief Financial Officer, tel: +46 8 506 485 72 or +46 70 698 85 72; Ake Sund, Group Vice President ASSA ABLOY, tel: +46 8 506 485 74 or +46 70 667 00 74
ASSA ABLOY AB (publ); Box 70340, SE 107 23; Stockholm; Tel: +46 8 506 485 00, Fax: + 46 8 506 485 85; Visiting address: Klarabergsviadukten 90
The ASSA ABLOY Group is the world's leading manufacturer and supplier of locking solutions, dedicated to satisfying end-user needs for security, safety and convenience. The Group has about 30,000 employees and annual sales of about EUR3 billion.
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