Following its previously announced business plan to spin off its residential and commercial businesses, Ingersoll Rand (IR) has chosen the name Allegion for its $2 billion company. On June 17, 2013, Allegion plc filed its Form 10 with the U.S. Securities and Exchange Commission, confirming its registration.
IR say is that the name Allegion represents the long-term, collaborative relationship that the company has with its customers. True to itsname, Allegion promises a relentless commitment to safeguarding the property and families of its customers.
Ingersoll Rand Chairman and CEO Michael W. Lamach said, “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. It’s on that tradition that Allegion pledges its promising future as a leader in the global safety and security industry.”
IR has also announced the names of the five directors who will serve on the board for Allegion in addition to Patrick Shannon, formerly the vice president and treasurer for Ingersoll Rand, who will be the senior vice president and CFO of Allegion. Barbara Santoro, the vice president of corporate governance will serve as the senior vice president, secretary and general counsel for Allegion. The name of the CEO is set to be announced later this year.
Allegion isnow all set to compete in the $30 billion and products. IR plans to stay ahead in the race by investing in emerging technology and newly developing markets, leveraging its experience, brand value and expertise to deliver distinctive services and products in key market segments. Allegion equally focuses on commercial as well as residential home security equipment and services. An already impressive portfolio includes strategic Brands such as, Schlage®, Interflex®, LCN®, CISA® and Von Duprin® as well as several other brands. Allegion expects to use the ticker symbol ALLE upon and listing its shares on the New York Stock Exchange.
Work is still in progress as far as completion of the transaction is concerned with a lot of attention that needs to be paid in the management, structure, governance and other significantareas. The top management is busy developing comprehensive plans for the board’s approval. All the remaining members of the leadership team will be announced before the fire spin off. Post that, Allegion will be an independent, standalone publicly traded company or plc.
Allegion, which is an Irish plc has its North American corporate office based in Carmel, Ind., and employs about 7600 people in 35 countries. It has 20 production and distribution facilities across the world. The conclusion of the spin off still awaits the completion of some customary conditions that include a receipt of all regulatory approvals, a receipt of ruling from the U.S. Internal Revenue Service regarding the tax free nature of the transaction, and a couple of other matters such as receipt of legal opinions and others such as may be required by the Irish law.
Gary Nash
Author – Gary has been with us for 3 years, but already has expert knowledge of the home security industry. He’s in charge of company research and news. Zach works to ensure that the site provides the most accurate and timely news in the industry.