dormakaba has signed an agreement to divest its interior glass business (IGS) to Italian-based investment and financial group Aliante Equity Tre S.p.A. As a pioneer in the design and furniture sector, Aliante has built up an investment portfolio with other portfolio companies, with global presence in the design and furniture market, that complement the IGS business and offer commercial synergies. The deal includes the transfer of dormakaba’s global interior glass solution products, the Dorma-Glas GmbH manufacturing site in Bad Salzuflen (Germany), and selected sales units in Europe. The transaction will include 235 employees who will be taken on by the new owner.
dormakaba’s IGS business represents the smallest amongst the company’s global product clusters. The business caters to a fragmented niche market with products such as glass fittings, glass door systems, or horizontal sliding walls. Due to the different sales channels, IGS has been a largely independent product cluster with limited synergies and integration into the complete offering of dormakaba.
This divestment is an important step towards optimizing our offering by focusing on our core business. Based on its independence and limited integration in our main offering, we are convinced that the IGS business will have better opportunities to successfully thrive outside of dormakaba," says Sabrina Soussan, CEO dormakaba. "We are pleased that with Aliante we have found a new owner that will take the business to the next level.”
The business represented net sales of CHF 45 million in financial year 2019/20. Both parties have agreed to not disclose further financial details of the transaction. The transaction is expected to be closed in the fourth quarter of 2021.