Swedish security firm Gunnebo to sell cash management business to Sesami

STOCKHOLM (Reuters) – Swedish security firm Gunnebo said on Wednesday it had agreed to sell its cash management business to Sesami Cash Management Technologies, part of Canada’s GardaWorld, for an undisclosed sum.

Gunnebo said in a statement that the sale is part of a strategy dating from 2020 to exit the integrated security and cash management segments to focus on safe storage and entrance control, which includes operations such as security doors and turnstiles.

The cash management business had net sales of 865 million crowns ($94.1 million) in 2020, accounting for around 20% of Gunnebo’s group sales. Operating profit (EBITA) was 13 million crowns in 2020.

($1 = 9.1977 Swedish crowns)

(Reporting by Simon Johnson; Editing by Jan Harvey)