Ingersoll Rand completes spinoff of Allegion

Ingersoll Rand has officially completed the spinoff of its security business named Allegion, which debuted Monday as a standalone, publicly-traded company on the New York Stock Exchange. According to a statement, Allegion will be headquartered in Ireland and have regional corporate centers in Carmel, Ind., Brussels, Belgium, and Shanghai, China.

"For more than a century, we have been pioneers in developing products that help keep people safe where they live, work and visit," said Dave Petratis, the company's chairman, president and CEO. "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."

Allegion sells products for residential and commercial applications under 23 different brands including CISA, Interflex, LCN, Schlage and Von Duprin. The company has more than 7,600 employees worldwide and plans to add 300 jobs in various locations. Allegion said that it intends to selectively pursue strategic acquisitions that complement and enhance its existing business, while investing in research and development and product development.

"The future of our company and the entire security industry lies in addressing the needs of an increasingly connected world. 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," Petratis added.