Mul-T-Lock Ltd., owned by Sweden’s Assa Abloy (SAX:ASSA-B), will hire 200 more employees by 2010, supplementing its current workforce of 520, of whom 360 are in Israel. Mul-T-Lock also plans to increase sales, which are expected to total NIS 270 million in 2005, to NIS 480 million.
Assa Abloy president and CEO Bo Dankis cited these targets when announcing Mul-T-Lock’s strategic plan for 2006-10. He said, that as part of the plan, Mul-T-Lock would invest NIS 40 million in developing infrastructures, buying equipment, and expanding marketing.
Assa Abloy is the world’s largest manufacturer of locks, doors, and locksmith solutions, with an annual turnover of $3.5 billion. The company owns 80 manufacturers worldwide, including Mul-T-Lock, which exports 80% of its products. Other Assay Abloy companies include Yale UK, managed by former Mult-T-Lock CEO Tzachi Wiesenfeld; and US companies Medeco High Security Locks Inc. and Sargent Manufacturing Company. Assay Abloy has 200,000 sales centers worldwide.
Mul-T-Lock president and CEO Shimon Shekel said the company would expand its marketing network in Israel, acquire more foreign subsidiaries to its current six; deepen marketing in several countries through local distributors; expand its basket of products; and continue developing products adapted to various markets worldwide.
Published by Globes [online], Israel business news - www.globes.co.il - on September 1, 2005