Subscribe to RSS - Ingersoll Rand

Ingersoll Rand

Growth prospects positive for IR spinoff Allegion

As a stand-alone entity, Allegion will have free cash flow of $150 to $200m solely for security
 - 
12/03/2013

DUBLIN, Ireland—Ingersoll Rand spinoff company, Allegion, is now an independent, pure play security company, “a $2 billion startup” with potential for continued growth in North America and big growth outside of North America, according to Allegion executives Dave Petratis and Tim Eckersley, as well as security analyst Jeff Kessler, who all spoke to Security Systems News.

NFC access control: cool and coming, but not close

 - 
09/25/2013

If the operative word for near field communications access control is “cool,” then the obvious question is: “Are we there yet?”

More news about IR spinoff; new president named

 - 
Wednesday, July 10, 2013

IR announced in December that it would spin off its security division, and earlier this month announced that the spin off would be called Allegion, On Monday announced that David Petratis will serve as CEO, president and chairman of it security spinoff, Allegion.

Petratis, who will start his new job on Aug. 5, will join Allegion from Quanex Building Products, where he is currently CEO, president and chairman. Quanex, based in Houston, is a manufacturer of building products.

IR CEO Michael Lamach called Petratis an “accomplished leader in the manufacturing and marketing of code-compliant, high-value products that are specified by architects and engineers, and used by commercial and residential builders,” in a prepared statement.

Previously, Petratis was COO and CEO of Schneider Electric North America from 2003-2008, where he “grew its North American operations by more than $2 billion, doubled its revenue and completed several successful acquisitions.”  From 1994 to 2003, he was president of MGE UPS Systems Americas.

On Monday, Allegion also revealed its new logo.

Allegion will share IR’s headquarters in Swords, Ireland, but its operations will be based in Carmel, Ind.

Allegion, a $2 billion company, will have 7,600 employees in 35 countries including 20 production and distribution facilities.

Ingersoll Rand offers $1.55 billion of senior notes

 - 
06/18/2013

SWORDS, Ireland—Ingersoll Rand announced this week that it has completed a $1.55 billion debt offering consisting of three tranches, maturing in 2019, 2023 and 2043.

Ingersoll Rand names planned $2 billion spinoff: Allegion

The name of the new publicly traded company—expected to be spun off later this year—reflects the allegiance between Ingersoll Rand and its customers
 - 
06/17/2013

SWORDS, Ireland—Ingersoll Rand, which previously said it planned to spin off its security products business at some point this year, today announced that Allegion will be the name of the new company and that it will have revenues of $2.05 billion.

Once IR spins off security division, will others follow?

 - 
Wednesday, June 12, 2013

Once IR spins off its security division, will others follow? Poking around some investor conference info recently, I came across this tidbit on Seeking Alpha

“Stanley Black & Decker Chairman John Lundgren made an interesting revelation during his chat at the Electrical Products Group Conference yesterday. [The conference took place in late May]. The exec says the company will keep an eye on the spinoff from Ingersoll Rand of its security business to see if a similar move would make sense for SWK with its security business. On strategy: "Because if we are convinced a year or two years from now that we have got a 12x EBITDA business trapped in a 7 or 8x business, we will make it bigger."

Through my Stanley contacts, I asked Brett D. Bontrager, SVP and Group Executive, Stanley Security Solutions, for further comment on Lundgren’s statement. Bontrager declined comment saying that there was nothing more to say beyond what John Lundgren stated.

You may recall that Ingersoll Rand announced in December that it would spin off its security products business.  Here’s my story. The IR security business—which includes brands such as Schlage locks and other electronic and biometric access control products—will be a $2 billion company once it is spun off. The remaining IR business will be a $12 billion business.

Following the IR spinoff announcement, reports, such as this one from Bloomberg, speculated that the new standalone IR security company will present an acquisition target. This report said potential acquirers include Stanley Black & Decker (to add to its security businesses and further diversify from its power tools), Tyco (might be interested in IR’s commercial products but not its resi security products) and UTC. The report also notes that IR, which is headquartered in Swords, Ireland, presents certain tax advantages.

The IR spinoff was prompted by activist shareholder Nelson Peltz, whose Trian Fund Management owns about 7.3 percent of IR stock.

During ISC West, IR announced that Patrick Shannon will serve as senior VP and CFO of the new security spinoff and Barbara Santoro will serve as SVP and general counsel. They will report to the CEO, who has yet to be named.

IR to shed security business

McManus: If well capitalized, spinoff could benefit security integrators
 - 
12/12/2012

SWORDS, Ireland—Depending on how the new business is structured, conglomerate Ingersoll Rand’s decision to spin off its security products business could benefit integrators, Michael McManus, Imperial Capital managing director, told Security Systems News.

ASIS 2011: News and notes from the show floor

 - 
09/22/2011

ORLANDO, Fla.—There was plenty of news being made at ASIS 2011, which took place at the Orange County Convention Center Sept. 19-21. Below are some editor round-ups from ventured out onto the show floor to collect news and other goings-on.

Ingersoll Rand names Gary Michel president of Residential Solutions business

SSN Staff  - 
07/25/2011

SWORDS, Ireland—Ingersoll-Rand on July 21 announced the appointment of Gary Michel, a 26-year company veteran, as president of its Residential Solutions Sector, effective August 1. He replaces Steven Hochhauser, who is leaving the company to pursue other business opportunities.

ISC Solutions opens

 - 
11/04/2010

NEW YORK—The transformed ISC East, now called ISC Solutions, opened here with a new look and crowded aisles yesterday.

 

Was it a function of more people being at the show this year as opposed to last? Or was it the skinny aisles that gave the illusion that there were more people? The official audited numbers won’t be available for more than a month, according to Ed Nichols of event organizer Reed Exhibitions, but attendees who spoke to

Security Systems News

said it didn’t matter. They were pleased with the number and quality of people attending the event.