Ingersoll-Rand Names $2B Security Spinoff Allegion
CARMEL, Ind. — Ingersoll-Rand (IR), which announced that it would spin off its commercial and residential security businesses into one publicly-traded company in December, has registered to list the new standalone firm as Allegion with the U.S. Securities & Exchange Commission.
IR representatives expect the spinoff of the $2.05 billion company, which manufactures steel doors to electronic locks, to reach completion by the end of the year. The company will include brands such as Schlage, aptiQ, LCN, Von Duprin, Kryptonite, Falcon and Fusion Hardware Group.
The name Allegion represents the collaborative, long-term relationships the company forges with customers, according to a company press release.
“Allegion further conveys the enduring legacy of our innovative security products and solutions, which people depend on to work seamlessly at critical moments, and function effortlessly in daily use,” IR Chairman and CEO Michael Lamach says.” It’s on that tradition that Allegion pledges its promising future as a leader in the global safety and security industry.”
Additionally, IR announced five directors to serve on Allegion’s board, including former Caterpillar Inc. CFO David Burritt and former Great Plains Energy Chairman and CEO Michael Chesser. IR will name a CEO for Allegion later this year, who will also serve on the board of directors.
The Swords, Ireland-based Allegion will operate a North American corporate office in Carmel, Ind. The new firm will employ about 7,600 people in 35 countries including 20 production and distribution facilities worldwide.
Recommended for You:
If you enjoyed this article and want to receive more valuable industry content like this, click here to sign up for our FREE digital newsletters!
Related Content
Security Is Our Business, Too
For professionals who recommend, buy and install all types of electronic security equipment, a free subscription to Commercial Integrator + Security Sales & Integration is like having a consultant on call. You’ll find an ideal balance of technology and business coverage, with installation tips and techniques for products and updates on how to add to your bottom line.
A FREE subscription to the top resource for security and integration industry will prove to be invaluable.
