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Allegion

Art students pay for biometrics readers

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03/11/2014

CARMEL, Ind.—Students at the Peck School of the Arts on the University of Wisconsin-Milwaukee campus funded a project that led to the installation of Schlage HandKey readers at the six-building complex, according to a March 6 news release from Allegion, parent company of

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
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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.

More news about IR spinoff; new president named

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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

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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
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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.