Acquisition furthers Allegion's international growth strategy
DUBLIN--(BUSINESS WIRE)--
Allegion plc (NYSE:ALLE), a leading global provider of security
products and solutions, today announced that is has acquired Fire &
Security Hardware Pty Limited (FSH), a leading electromechanical locking
provider in Australia. The transaction strengthens Allegion's presence
in the Australian security market while bringing innovative
electro-mechanical technologies that can be applied globally.
The acquisition of the privately-owned company, which distributes its
products primarily through wholesale and systems integrator channels,
gives Allegion ownership of the FSH brand and product portfolio, which
includes a number of innovative patent-protected electric strikes and
latches.
Dave Petratis, chairman, president and CEO of Allegion said, "Allegion's
acquisition of FSH strengthens our position in Australia and adds new
electronic technologies that will integrate well with our global product
lines. It's a great example of the innovative and opportunistic
acquisitions we said we'd complete at our investor day in March."
"This transaction also shows our disciplined approach to M&A, focused on
product expansion and increasing our presence in both emerging markets
and technologies. We will continue to use our strong free cash flow to
fund smart deals that ultimately enhance our growth and deliver value to
our shareholders," Petratis added.
Trevor Mackle, Managing Director of FSH, said, "With the recent
Australian developed and Internationally patented unique Eco Range of
locking devices, FSH has searched for a relationship to expose this new
technology to world markets in a timely and orderly manner. The
acquisition of FSH by Allegion is an exciting development that realizes
FSH's goal to be true global supplier of these products".
"The FSH Australian team will be an excellent fit with Allegion team and
will bring to the security market a full range of innovative products,
complimented with the FSH technical support & service. The FSH team will
continue to provide ongoing research and development expertise and
support, focused on developing innovative new products and continually
developing the existing product range."
Allegion will run FSH out of the FSH headquarters in Sydney and will
continue to sell product under the FSH brand. Trev Mackle will stay with
Allegion for a transitional period.
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
assumptions, expectations and beliefs and involve substantial risks and
uncertainties that may cause results, performance or achievement to
materially differ from those expressed or implied by these
forward-looking. Additional factors that could cause such differences
can be found in our Annual Report on Form 10-K for the year ended
December 31, 2013. 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 8,000 people and sells products
in more than 120 countries across the world. Allegion comprises 27
global brands, including strategic brands CISA®, Interflex®, LCN®,
Schlage® and Von Duprin®.
For more, visit www.allegion.com
Allegion plc
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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