1920–1939 New management and new acquisitions In 1920, ASSA’s founder August Stenman died and the company changed hands. His daughter, baroness Elise Åkerhielm, converted the company into a corporation. The first president was Sixten Nilsson, who had been with the company since 1895, when he was just 15. Shareholders included Jacob Wallenberg of the prominent industrialist family. In 1930 a British company, Guest Keen & Nettlefolds Ltd., acquired a majority of the shares. At the same time, an agreement was signed that the company would remain under Swedish management. In 1939, the company took its first steps towards lock production. Believing locks to be the next natural step in its development, the company acquired a small lock industry called K.S. Thulins Lås- och Metallfabrik.