Ingersoll-Rand's (IR) Allegion plc Files to Spin-Off

June 17, 2013 4:09 PM EDT
Ingersoll-Rand (NYSE: IR) announced that Allegion plc filed a Form 10 Registration Statement with the U.S. Securities & Exchange Commission in connection with Ingersoll Rand’s previously announced plan to spin off its commercial and residential security businesses.

The filing provides details about the independent global provider of security products and solutions. As previously announced, Ingersoll Rand expects the spinoff, which is intended to be tax free to shareholders, to occur prior to year-end.

Allegion is the name of the new $2.05 billion security company. The name represents the collaborative, long-term relationships the company forges with customers. It embodies the company’s team of experts and their relentless commitment to safeguarding people and property. Commenting on the new name, Ingersoll Rand Chairman and CEO Michael W. Lamach said, “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.”

Earlier this year, the chief financial officer and general counsel were named. Patrick Shannon, vice president and treasurer for Ingersoll Rand, was named senior vice president and chief financial officer; and Barbara Santoro, vice president of corporate governance and secretary of Ingersoll Rand, was named senior vice president, general counsel and secretary for Allegion. Allegion’s CEO will be named later this year.

Ingersoll Rand also announced five directors who are committed to serve on Allegion’s board in addition to Allegion’s CEO. They are:

  • David B. Burritt, former vice president and chief financial officer of Caterpillar Inc., who will chair the Audit Committee.
  • Michael J. Chesser, former chairman and CEO of Great Plains Energy Inc., who will chair the Compensation Committee.
  • Carla Cico, former CEO of Rivoli S.p.A. and Ambrosetti Consulting.
  • Kirk S. Hachigian, former chairman, president and CEO of Cooper Industries plc, who will be the board’s lead director or non-executive chairman.
  • Luc Oursel, chairman, president and CEO of Areva SA.

    Allegion is an Irish plc, with its North American corporate office in Carmel, Ind., employing about 7,600 people in 35 countries including 20 production and distribution facilities around the world.

  • Serious News for Serious Traders! Try Premium Free!

    You May Also Be Interested In

    Related Categories

    Corporate News

    Add Your Comment