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.