Allegion, Ingersoll Rand's New Security Spinoff, Names Additional Members of Leadership Team
Press Release, News
Allegion, a $2 billion global leader in the security and safety industry that will be created upon separation from Ingersoll Rand, today named six additional members of its leadership team who will guide the company to future growth and success. The leadership appointments underscore Allegion's strong commitment to operational excellence, superior customer service and industry-leading innovation. Allegion is expected to become a standalone, publicly-traded company prior to year-end, as previously announced.
The following additional members comprise Allegion's executive leadership team and have been elected officers of the future company:
- Timothy Eckersley, president of Commercial Americas at Ingersoll Rand, as senior vice president and president of the Americas region
- Todd Graves, vice president, engineering and technology of Ingersoll Rand Security Technologies, as vice president, engineering and technology
- Tracy Kemp, vice president, information technology for Ingersoll Rand Security Technologies and Residential Solutions, as vice president and chief information officer
- Chris Muhlenkamp, vice president, global operations and integrated supply chain at Ingersoll Rand Security Technologies, as vice president, global operations and integrated supply chain
- William Yu, president of Security Technologies, Ingersoll Rand, Asia Pacific, as senior vice president and president of the Asia Pacific region
John Stanley, vice president, finance, Europe, Middle East, India and Africa (EMEIA) region, will also serve as interim EMEIA regional leader.
John Evans, current president of Residential Security Solutions at Ingersoll Rand, will remain in his role until the spinoff is complete, at which point he will remain with Ingersoll Rand. Evans will work closely with Eckersley and Allegion's leadership team between now and the spinoff to ensure a seamless transition.
“As security industry experts, these individuals are uniquely prepared to lead Allegion to success as an independent, public company. I look forward to working closely with them to create new opportunities for our employees, strengthen corporate and shareholder value and deliver a first-class experience for customers located around the world,” said Dave Petratis, chairman and CEO of Allegion.
Previous leadership appointments were Patrick Shannon, senior vice president and chief financial officer, whose role has expanded to include global business development; Barbara Santoro, senior vice president, general counsel and Secretary; and Ray Lewis, senior vice president of Human Resources and Communications.
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 create two independent companies as a result of the proposed spinoff, the potential and opportunities for the independent companies following the spinoff, Allegion's strategies following the spinoff; the expected benefits of the proposed spinoff, the tax-free nature of the proposed spinoff, the expected credit profiles of the independent companies, the timing of the transaction and our capital structure and allocation. The forward-looking statements in this news release are based on current expectations and assumptions that are subject to risks and uncertainties, many of which are outside of our control, and could cause results to materially differ from expectations. Such risks and uncertainties, include, but are not limited to: our ability to timely obtain, if ever, necessary regulatory approvals or to satisfy any of the other conditions to the proposed spinoff; adverse effects on the market price of our ordinary shares and on our operating results because of our inability to timely complete, if ever, the proposed spinoff; our ability to fully realize the expected benefits of the proposed spinoff; negative effects of announcement or consummation of the proposed spinoff on the market price of the company's ordinary shares; significant transaction costs and/or unknown liabilities; general economic and business conditions that affect the companies in connection with the proposed spinoff; unanticipated expenses such as litigation or legal settlement expenses; failure to obtain tax rulings or tax law changes; changes in capital market conditions; the impact of the proposed spinoff on the company's employees, customers and suppliers; future opportunities that the company's board may determine present greater potential to increase shareholder value; and the ability of the companies to operate independently following the spinoff. Actual results could differ materially. For further information regarding risks and uncertainties associated with our businesses, please refer to our Form 10-K for the year ended December 31, 2012, Form 10-Q for the quarter ended March 31, 2013, and in our other SEC filings, as well as the “Risk Factors” section of Allegion's Registration Statement on Form 10. Ingersoll Rand assumes no obligation to update these forward-looking statements.
Allegion (NYSE:ALLE) helps keep people safe and secure where they live, work and visit. A leading provider of security products and solutions for homes and businesses, Allegion offers products under 23 global brands. Allegion specializes in security around the doorway and beyond: everything from residential and commercial locks, door closers and exit devices, steel doors and frames to access control and workforce productivity systems. Allegion is a $2 billion business employing more than 7,600 people and offering products in more than 120 countries across the world.
Allegion's portfolio includes strategic brands CISA, Interflex, LCN, Schlage and Von Duprin; and other brands including aptiQ, Briton, Bricard, Dalco, Dexter by Schlage, Falcon, Fusion Hardware Group, Glynn-Johnson, ITO Kilit, Ives, Kryptonite, Legge, Martin Roberts, Normbau, Randi, Steelcraft, XceedID.
For more, visit allegion.com.
About Ingersoll Rand
Ingersoll Rand (NYSE:IR) advances the quality of life by creating and sustaining safe, comfortable and efficient environments. Our people and our family of brands—including Club Car, Ingersoll Rand, Schlage, Thermo King and Trane —work together to enhance the quality and comfort of air in homes and buildings; transport and protect food and perishables; secure homes and commercial properties; and increase industrial productivity and efficiency. We are a $14 billion global business committed to a world of sustainable progress and enduring results. For more information, visit ingersollrand.com.