Allegion to divest UK doors, service biz
Allegion plc announced the signing of a definitive agreement to sell its United Kingdom (UK) Door businesses to an affiliate of Alcyon Financial Limited, a financial investment firm.
The businesses to be sold include the Dor-o-Matic branded automatic door business, the Martin Roberts branded performance steel doorset business and the UK service organization.
Dave Petratis, Chairman, President and CEO – Allegion said, “This transaction enables us to simplify our portfolio and focus on the key strategic businesses and services that can be leveraged across the EMEIA region. We thank the transitioning employees for their contribution to Allegion’s success and wish them well in the Alcyon family.”
Philip Lammas, Managing Director of Alcyon said, “The acquisition transitions the Doors’ Businesses to a standalone and dynamic entity, allowing the company to sharpen its focus on identifying exciting opportunities for development. Driven by the strength of the brands, the excellent management team and committed, skilled workforce, supported by a stable funding platform, ‘Doors’ will seek to strengthen its product offering together with improved routes to market.”
The transaction is expected to be completed within the third quarter 2014. The historical results of this business will be reported as discontinued operations for all periods presented in Allegion’s second fiscal quarter financial statements released on July 30, 2014.