DUBLIN--(BUSINESS WIRE)-- Allegion, plc (NYSE: ALLE), a leading global security products and solutions provider, has agreed, through one of its subsidiaries, to acquire Milre Systek Co., Ltd. The transaction is expected to close in the third quarter of this year.
Milre is a leading security solutions manufacturer in South Korea, focused on producing high-quality and innovative electronic door locks. The Milre suite of products - sold across both retail and commercial distribution channels - includes mortise, rim and locker locks. Milre generated sales of approximately $13 million in 2014.
Following the close of the transaction, Milre is expected to operate within Allegion's Asia Pacific region. Allegion Senior Vice President and President of Asia Pacific William Yu said Milre has a strong, positive reputation that contributes to the company's success, supporting Allegion's growth in the region.
"Digital door locks is a key product category for safety and security solutions globally, as well as for the Allegion portfolio. Leveraging Milre products and brand positioning in this space will build on Allegion's presence in Asia - especially South Korea," Yu said. "Additionally, Milre's independent research and development capacity in electronic products will synergize with Allegion's hardware expertise. It will be a strategic fit for Allegion to grow our leadership in electro-mechanical convergence in yet another geographic market."
Milre CEO Sang Ok Lee agreed, saying Allegion also offers the company strategic expansion options.
"Joining Allegion gives Milre access to additional sales networks that can foster new growth opportunities for our business throughout Asia and around the world," said Lee. "Most importantly, though, both companies value creating peace of mind for our customers. We're excited to collaborate with Allegion on this shared passion."
Terms of the transaction were not disclosed.
This news release includes "forward-looking statements," which are statements that are not historical facts, including, but not limited to, statements that relate to our intent to acquire Milre Systek Co, LTD, and the timing of the transaction. These forward-looking statements are based on the Company's currently available information and our current assumptions, expectations and projections about future events. They are subject to future events, risks and uncertainties - many of which are beyond our control - as well as potentially inaccurate assumptions, that could cause actual results to differ materially from those in the forward-looking statements. Further information on these factors and other risks that may affect the Company's business is included in filings it makes with the Securities and Exchange Commission from time to time; including its Form 10-K for the year ended December 31, 2014, Form 10-Q for the quarter ended March 31, 2015 and in our other SEC filings. The Company assumes no obligations to update these forward looking statements.
About Allegion™
Allegion (NYSE: ALLE) is a global pioneer in safety and security, with leading brands like CISA®, Interflex®, LCN®, Schlage® and Von Duprin®. Focusing on security around the door and adjacent areas, Allegion produces a range of solutions for homes, businesses, schools and other institutions. Allegion is a $2 billion company, with products sold in almost 130 countries.
For more, visit www.allegion.com.
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Source: Allegion plc
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