|By Business Wire||
|July 29, 2014 05:00 PM EDT||
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 of 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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