Allegion plc (NYSE: ALLE), a leading global provider of security
products and solutions, today announced the signing of a definitive
agreement to sell its United Kingdom (UK) Door businesses to an
affiliate of Alcyon Financial Limited, a financial investment firm. The
businesses to be sold include the Dor-o-Matic™ branded automatic door
business, the Martin Roberts™ branded performance steel doorset business
and the UK service organization.
Dave Petratis, Chairman, President and CEO - Allegion said, "This
transaction enables us to simplify our portfolio and focus on the key
strategic businesses and services that can be leveraged across the EMEIA
region. We thank the transitioning employees for their contribution to
Allegion's success and wish them well in the Alcyon family."
Philip Lammas, Managing Director of Alcyon said, "The acquisition
transitions the Doors' Businesses to a standalone and dynamic entity,
allowing the company to sharpen its focus on identifying exciting
opportunities for development. Driven by the strength of the brands, the
excellent management team and committed, skilled workforce, supported by
a stable funding platform, 'Doors' will seek to strengthen its product
offering together with improved routes to market."
The transaction is expected to be completed within the third quarter
2014. The historical results f this business will be reported as
discontinued operations for all periods presented in Allegion's second
fiscal quarter financial statements released on July 30, 2014.
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
Alcyon Financial is a privately-owned investment company applying its
own capital, hands-on operational resource, restructuring expertise and
strategic know-how to growth, change and turnaround situations. Alcyon
moves quickly to reinvigorate businesses by backing management teams
with its own capital, applying operational expertise and its extensive
network of business leaders, entrepreneurs and professionals, creating
significant value for all stakeholders.
For more, visit www.alcyonfinancial.com
This press release contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995,
including statements regarding the Company's Europe, Middle East, India
and Africa (EMEIA) strategy. These forward-looking statements are based
on the Company's 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 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, 2013, Form 10-Q for the quarter ended March 31, 2014 and in our
other SEC filings. The Company assumes no obligations to update these
forward looking statements.
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