Swedish security company Securitas has set up a joint venture with Vietnam's Long Hai Security Services after acquiring 49 percent of the firm, the two sides announced Tuesday.
The deal cost 35 million krona, or about US$4.8 million, the two companies said at an event in HCMC to celebrate the 15th anniversary of Long Hai Security Service's operation.
Jack Donohue, who has been elected chairman of the joint venture, said it would still operate under the name of Long Hai Security Services Company as it was a familiar brand in the local market. However, both partners' logos will be used, he said.
Security staff will wear light blue shirts printed with both logos, instead of light khaki shirts as before.
Long Hai Security Services posts annual revenues of about VND134 billion ($7 million) and has some 2,500 staff. The company holds 40 percent of the market share of the outsourced security services sector. It mainly provides guard services, but also has operations protecting its customers' property in secure cash transportation, executive protection and alarm monitoring services.
Securitas has about 250,000 employees working in more than 40 markets around the world.