A Dallas company has completed the previously announced acquisition of Cardkey Systems Inc., a Simi Valley producer of electronic access control products.
The buyer, Amtech Corp., will pay $24 million--$18 million in cash plus payments of $3 million each to be made in 1997 and 1998.
Amtech, which produces a variety of computer software and hardware, said it is reorganizing its operations, with Cardkey scheduled to become part of an electronic security group that will focus on the European marketplace.
Michael H. Wolpert was named president and chief operating officer of Cardkey’s Simi Valley operation. Cardkey also has a unit in the United Kingdom.
Cardkey, whose sales totaled $65 million in 1994, was purchased from Assa Abloy AB, a Swedish concern.