Dorma+Kaba Holdings (XSWX:DOKA, Financial) (Switzerland) was the largest contributor to the fiscal year ended September 30. Kaba reported strong operational results during the year as it benefited from an improving macro backdrop in Europe. Additionally, recent investments in new product development resulted in market share gains. Kaba recently completed a transformational merger with Germany-based Dorma Group. We believe the businesses are complementary, combining Kaba’s historical strength in access control with Dorma’s strength in doors. Together they are one of the largest global companies specializing in security and building-access solutions, commanding a sizable geographic footprint and a substantial research and development budget.
From David Herro (Trades, Portfolio)'s Q3 Oakmark International Small-Cap Fund commentary.
