Schlage Lock and sister brands spun off into new company

by WAYNE HEILMAN wayneh@gazette.com - Updated: December 10, 2013 at 12:53 pm • Published: December 9, 2013 | 5:45 pm 0

Ingersoll-Rand PLC has spun off its commercial and residential security operations, including a Schlage Lock manufacturing plant in Security, to a newly formed company called Allegion PLC.

The move earlier this month resulted from a push by billionaire investor Nelson Peltz, whose Trian Fund Investments bought a 7.3 percent stake in Ingersoll-Rand and pushed for a restructuring of the Ireland-based industrial giant into three public companies to boost shareholder value. New York-based Trian had said in a filing with the Securities and Exchange Commission when it bought the stake in May 2012 that Ingersoll-Rand's shareholder returns and profitability had lagged peer companies.

An Allegion spokeswoman in the Indianapolis area said the spinoff would not affect the Security plant, which employs 470, or an engineering center in Golden, which has 30 employees.

Allegion, which also is based in Ireland, includes Schlage and 22 other global brands for everything from residential and commercial locks and steel doors, to access control and workforce productivity systems. The operations generate about $2 billion in sales and represent about 15 percent of Ingersoll-Rand's revenue.

Allegion employs 7,600 people and sells its products in more than 120 countries.

Ingersoll-Rand's primary remaining products include Trane air conditioning systems, Thermo King temperature-control equipment, Club Car golf cards and pumps, tools, air compressors and material handling equipment that generate more than $14 billion in annual sales.

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Contact Wayne Heilman: 636-0234

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