Ingersoll Rand unveils name of new security company
Ingersoll Rand announced this week the spin-off company that will handle its commercial and residential security businesses will be called Allegion. Accordingly, Allegion plc has filed a Form 10 Registration Statement with the U.S. Securities & Exchange Commission.
A press release issued by Ingersoll Rand states that the new name “represents the collaborative, long-term relationships the company forges with customers” and “embodies the company’s team of experts and their relentless commitment to safeguarding people and property.”
Company chairman and CEO Michael W. Lamach says in a statement, “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.”
Ingersoll Rand first announced its intent to spin off its security business in December 2012. More recently, it named some of the company’s new officers, including Patrick Shannon, senior vice-president and chief financial officer, and Barbara Santoro, senior vice-president, general counsel and secretary. Both held similar senior roles at Ingersoll Rand. Allegion also named five directors to its board and its CEO will be announced sometime later this year.
The spin-off is expected to be completed before the end of 2013. Once completed, Allegion will be an independently publicly traded company employing about 7,600 people in 35 countries with its North American headquarters in Carmel, Ind.