More news about IR spinoff; new president named
IR announced in December that it would spin off its security division, and earlier this month announced that the spin off would be called Allegion, On Monday announced that David Petratis will serve as CEO, president and chairman of it security spinoff, Allegion.
Petratis, who will start his new job on Aug. 5, will join Allegion from Quanex Building Products, where he is currently CEO, president and chairman. Quanex, based in Houston, is a manufacturer of building products.
IR CEO Michael Lamach called Petratis an “accomplished leader in the manufacturing and marketing of code-compliant, high-value products that are specified by architects and engineers, and used by commercial and residential builders,” in a prepared statement.
Previously, Petratis was COO and CEO of Schneider Electric North America from 2003-2008, where he “grew its North American operations by more than $2 billion, doubled its revenue and completed several successful acquisitions.” From 1994 to 2003, he was president of MGE UPS Systems Americas.
On Monday, Allegion also revealed its new logo.
Allegion will share IR’s headquarters in Swords, Ireland, but its operations will be based in Carmel, Ind.
Allegion, a $2 billion company, will have 7,600 employees in 35 countries including 20 production and distribution facilities.