Ingersoll Rand’s New Security Spinoff Gets New Name; Board of Directors
Ingersoll-Rand plc announced that Allegion plc filed a Form 10 Registration Statement with the U.S. Securities & Exchange Commission in connection with Ingersoll Rand’s previously announced plan to spin off its commercial and residential security businesses. Ingersoll Rand expects the spinoff, which is intended to be tax free to shareholders, to occur prior to year-end.
Allegion is the name of the new $2.05 billion security company. The name represents the collaborative, long-term relationships the company forges with customers. It embodies the company’s team of experts and their relentless commitment to safeguarding people and property, the company stated.
Commenting on the new name, Ingersoll Rand chairman and chief executive officer 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.”
Earlier this year, Patrick Shannon, vice president and treasurer for Ingersoll Rand, was named senior vice president and chief financial officer; and Barbara Santoro, vice president of corporate governance and secretary of Ingersoll Rand, was named senior vice president, general counsel and secretary for Allegion. Allegion’s CEO will be David D. Petratis.
Ingersoll Rand also announced five directors who are committed to serve on Allegion’s board in addition to its CEO. They are:
- David B. Burritt, former vice president and chief financial officer of Caterpillar Inc., who will chair the Audit Committee.
- Michael J. Chesser, former chairman and CEO of Great Plains Energy Inc., who will chair the Compensation Committee.
- Carla Cico, former CEO of Rivoli S.p.A. and Ambrosetti Consulting.
- Kirk S. Hachigian, former chairman, president and CEO of Cooper Industries plc, who will be the board’s lead director or non-executive chairman.
- Luc Oursel, chairman, president and CEO of Areva SA.
Allegion is an Irish plc, with its North American corporate office in Carmel, Ind., employing about 7,600 people in 35 countries including 20 production and distribution facilities around the world.
Allegion will compete in the $30 billion global security products and solutions industry by investing in attractive developing markets and emerging technology; leveraging its expertise to deliver differentiated products and services in key market segments; building upon its operational excellence program; and pursuing acquisitions selectively to accelerate expansion into attractive markets and products.
The portfolio includes strategic brands CISA®, Interflex®, LCN®, Schlage® and Von Duprin®; and other brands including 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®.
Allegion expects to list its shares on the New York Stock Exchange and use the ticker symbol ALLE.
Completion of the transaction requires further work on structure, management, governance and other significant matters. Management is continuing to develop detailed plans for the Board’s further consideration and approval. Additional members of Allegion’s leadership team will be announced prior to the spinoff. Following the spinoff, Allegion will be an independent publicly traded company.