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Dormakaba sells GMT and issues bonds for 680m CHF

26.10.2017 − 

Swiss Dormakaba Holding has parted with its Chinese subsidiary GMT Hardware. According to a company release, the sale was concluded with effect from 29 September. The buyer is Argus Holdings, a majority shareholder of Guangzhou Seagull Kitchen and Bath Products.

Besides the Stanley Black & Decker acquisition, Dormakaba has concluded a variety of other takeovers in the past few months. US-American Mesker Openings Group, for example, was taken over at the end of 2016. This was followed by acquisitions in Canada and Australia in 2017. In order to finance the growth of its business activities in North America in particular in the medium to long term, Dormakaba Holding placed a two-tranche bond with a total volume of 680m CHF on the SIX Swiss Exchange through the group’s own company Dormakaba Finance on 28 September.

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