Acquisition highlights Allegion's international growth strategy
DUBLIN--(BUSINESS WIRE)--
Allegion plc (NYSE: ALLE), a leading global provider of security
products and solutions, today announced the acquisition of certain
assets of Schlage Lock de Colombia S.A., the second largest mechanical
lock manufacturer in that country with revenues of approximately US$12
million. The acquisition of certain assets of the privately-owned
company, which has distribution in other South and Central American
countries, will enable Allegion to leverage its branded residential and
commercial product lines to grow its presence in the Spanish-speaking
South American security market.
Allegion will operate a 45,000-square-foot integrated plant in Bogota,
Colombia and will continue to sell product under the Schlage brand, as
well as Schlage Lock de Colombia's Inafer and Segurex brands. Schlage
Lock de Colombia owner, Alejandro Urdaneta Santos, will remain with the
business as general manager, Allegion Colombia. The company has
approximately 350 employees.
Allegion has previously emphasized its commitment to deploy capital to
enhance shareholder value, and grow through acquisitions in emerging
markets that expand distribution, enhance its product portfolio and
provide new technologies.
"Schlage Lock de Colombia has a long history as a market leading
provider of branded security products, and we are proud to bring its
strong legacy of customer service and employee dedication to the
Allegion family," said Dave Petratis, chairman, president and CEO of
Allegion.
"This transaction is an excellent first step in implementing our growth
strategy," continued Petratis. "Colombia has the third largest
population and the fourth largest economy in Latin America. We will
continue using our strong free cash flow to fund strategic acquisitions."
Allegion debuted in December 2013 as a standalone, publicly-traded
company following the spinoff of the commercial and residential security
businesses from Ingersoll Rand. Allegion, a constituent of the S&P 500®,
trades on the New York Stock Exchange under the symbol ALLE.
This news release includes "forward-looking statements," which are
statements that are not historical facts, including statements that
relate to our business and growth strategy, and our financial
performance. These forward-looking statements are based on our current
expectations and are subject to risks and uncertainties, which may cause
actual results to differ materially from our current expectations. Such
factors include, but are not limited to, our ability to fully realize
the expected benefits of the spinoff; global economic conditions, demand
for our products and services and tax law changes. Additional factors
that could cause such differences can be found in our Form 10. We assume
no obligation to update these forward-looking statements.
About Allegion
Allegion (NYSE: ALLE) creates peace of mind by pioneering safety and
security. As a $2 billion provider of security solutions for homes and
businesses, Allegion employs more than 7,800 people and sells products
in more than 120 countries across the world. Allegion comprises 23
global brands, including strategic brands CISA®, Interflex®, LCN®,
Schlage® and Von Duprin®.
For more, visit www.allegion.com.
Allegion
Media:
Susana Duarte de Suarez,
317-810-3393
[email protected]
or
Analysts:
Tom
Martineau, 317-810-3759
[email protected]
Source: Allegion plc
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