November 23, 2024

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[THE INVESTOR] Irish security solution provider Allegion is eyeing Samsung SDS' door lock business to take advantage of the brand name and sales channel within the Korean market, The Bell, a local news outlet, reported on Nov. 24.

Having tentatively agreed to the acquisition deal, the two firms are said to be in due diligence stage, the report added. 

Samsung SDS, the IT solutions unit of Samsung Group, operates home network systems business, including security solutions for homes and buildings. Its Gateman brand dominates the nation’s door lock market together with another local manufacturer Irevo that was acquired by Sweden’s digital door lock giant Assa Abloy back in 2007.

With the nation’s home security market soaring, global companies are eyeing profits from the lucrative business. Allegion, based in Dublin, Ireland, also acquired Milre Systek, the nation’s No. 1 digital door lock maker, last year.

The report said the pending deal is part of Samsung SDS’ ongoing business restructuring, including the planned spin-off of its logistics business.

By Lee Ji-yoon (jylee@heraldcorp.com)