Ingersoll-Rand Company, a diversified industrial firm, announces it has acquired the Kryptonite Corp., a maker of locks for recreational and portable security applications. Canton, Mass.-based Kryptonite had sales of approximately $27 million in 2000 and will become part of Ingersoll-Rand’s residential security unit within its security and safety sector. The residential security unit also includes Schlage, a maker of residential locks. Kryptonite was founded in 1972 and is best known as the innovator of the U-shaped bicycle lock design. Kryptonite makes locks for many applications other than bicycles, including motorcycles, snow-sport equipment and all-terrain vehicles. Its portable security products include locks for computers, padlocks, cable locks and attachment points. Randy P. Smith, president of IR’s security and safety sector says, “The acquisition of Kryptonite presents exciting growth prospects for IR.” Smith added, “In addition to immediately benefiting from Kryptonite’s market-leading recreational lock brand, we will leverage Kryptonite’s products to pursue increasing opportunities within the security device industry. Just as IR has developed the Schlage brand into the leading name in residential locks, we will apply the same category and channel management principles to support Kryptonite’s continued market share growth.”

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