dormakaba has sold GMT Hardware Co Ltd to Argus Holdings, a major shareholder of Guangzhuo Seagull Kitchen and Bath Products Co. Ltd.
The deal completed on the Shanghai-based company on 29 September 2017, with the financial details kept behind closed doors.
GMT offers commercial door hardware products in China, including floor hinges for glass doors or door fittings, mainly for markets in the mid to lower price segment.
GMT had only been with dormakaba since the start of the year – it was one of Stanley Black & Decker’s Mechanical Security businesses bought by dormakaba for $725 million.
With around 600 employees, GMT’s 2016 sales were approx US$ 48 million with an adjusted EBITDA of approx US$ 2 million.
Jim-Heng Lee, COO of dormakaba’s Access Solutions Asia Pacific Segment: “We have examined the different options for GMT. Because of our existing portfolio of businesses in Asia as well as profitability prospects of GMT, we concluded to divest the business. We are convinced that the sale of the company to the Seagull Group, which is well established in the building materials industry, is the best solution for GMT and its employees.”