dormakaba has reached an agreement on the sale of its 40% shareholding in ISEO to the Facchinetti family, who already owns the remaining 60% in the company. Closing is expected to take place by fall 2018, subject to approval by the antitrust authorities. The parties have agreed to not disclose financial terms of the transaction.
Italy-based ISEO is a manufacturer of security products such as cylinders, master key systems, locks and panic hardware mainly for the European market. Former Dorma had acquired a stake of 40% in ISEO in December 2012 to strengthen its business with an extended product range. With the merger to dormakaba and its resulting comprehensive product range, the strategic position was re-assessed, and led to the divestment decision.
dormakaba and ISEO will continue to collaborate to strengthen their commercial relationship in the market.