Lock firm Assa Abloy in buyout deal

Leading Willenhall lock company Assa Abloy today boosted its global empire by buying up another Black Country manufacturer in a big money deal.

The company has acquired Paddock Holdings, which employs 250 people in Bloxwich and has two core brands, Lockmaster and Millenco.

Johan Molin, chief executive of Assa Abloy, said the move would allow the firm to build upon its UK market having already taken over other iconic brands including Chubb as well as Yale and Union.

Assa Abloy took over the Chubb brand nine years ago and the famous Wolverhampton name is due to be replaced in August. Only jail locks will bear the name Chubb. The firm employs 50 people at its national distribution centre in Wolverhampton and about 400 in Willenhall and Wednesfield.

Paddock Holdings makes around £30 million year in sales of door, patio and window locks at its 90,000 sq ft production centre in Leamore Lane.

Its chief executive Nigel Hutchinson said: "With Assa Abloy's backing and investment, we will be able to deliver a broader and more varied range of products, as well as utilising Assa

Abloy's channels all over the world for export growth."

The buy-out is conditional on a merger clearance from the Office of Fair Trading.