Following through with its previous announced plans to spin-off its security business, Ingersoll Rand recently registered with the U.S. Securities and Exchange Commission to name its new $2 billion security company as Allegion plc.
According to a statement, Allegion will be an independent publicly traded company with its shares listed on the New York Stock Exchange. The company will use the ticker symbol "ALLE." The move is part of an effort by the company to create two standalone companies: Ingersoll Rand, which will focus primarily on the company’s HVAC businesses and Allegion, which will combine Ingersoll Rand’s commercial security business (Ingersoll Rand Security Technologies) with its residential security division (Ingersoll Rand Residential Solutions).
"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," Ingersoll Rand Chairman and CEO Michael W. Lamach said. "It’s on that tradition that Allegion pledges its promising future as a leader in the global safety and security industry."
Among the brands that will be incorporated into Allegion include: CISA, Interflex, LCN, Schlage and Von Duprin, aptiQ, Briton, Bricard, BOCOM Systems, Dalco, Dexter, Falcon, Fusion Hardware Group, Glynn-Johnson, ITO Kilit, Ives, Kryptonite, Legge, Martin Roberts, Normbau, Randi, Steelcraft, and XceedID.
Patrick Shannon, vice president and treasurer for Ingersoll Rand has been named as Allegion's company senior vice president and chief financial officer. Barbara Santoro, vice president of corporate governance and secretary of Ingersoll Rand has been named as senior vice president, general counsel and secretary for Allegion. The company said that Allegion's CEO will be named later this year.
Allegion, which is based Ireland and has a North American corporate office in Carmel, Ind., employees about 7,600 people in 35 countries including 20 production and distribution facilities around the world. Although there is further work to be done on the company’s structure, management and governance among other things, the transaction is expected to be completed by the end of the year.