Allegion Completes Ingersoll-Rand Spinoff, Debuts as Public Company
CARMEL, Ind. — Allegion, a provider of security products and solutions, has officially spun off from Ingersoll Rand.
The $2 billion business went public on Dec. 2 when its shares began trading on the New York Stock Exchange. Allegion manufactures mechanical and electronic security products and solutions for homes and businesses in more than 120 countries. Its brands include CISA, Interflex, LCN, Schlage and Von Duprin.
“For more than a century, we have been pioneers in developing products that help keep people safe where they live, work and visit,” Allegion Chairman, President and CEO Dave Petratis says. “This is an opportunity to carry forward the best of Allegion’s heritage, expertise and entrepreneurial roots while becoming bolder at capitalizing on major trends in commercial and residential security. As a global enterprise, we will continue to lead the industry in defining and raising the standards for safety and security everywhere.”
Based in Dublin, Ireland, Allegion will operate its North American headquarters in Carmel, Ind. The firm, which also has a 380,000-square-foot manufacturing facility in Indianapolis, plans to create up to 100 jobs at the Carmel location by 2014. The Indiana Economic Development Corp. has offered the firm up to $2 million in conditional tax credits based on Allegion’s job creation plans, Current in Carmel reports.
In addition to its Indiana location, Allegion operates in Belgium and China. The company employs more than 7,600 workers worldwide. As part of its growth plan, Allegion intends to pursue strategic acquisitions and invest in research and development, and product development. The firm also plans to build on its operational excellence program, pursue growth in emerging markets and recruit new talent and expertise.
“The future of our company and the entire security industry lies in addressing the needs of an increasingly connected world,” Petratis says. “That’s why we intend to invest in the electronic side of our business moving forward, all while maintaining our same level of dedication to the continuous improvement and advancement of our mechanical products.”
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