Tag: Ingersoll Rand
Growth prospects positive for IR spinoff Allegion
December 3, 2013Martha Entwistle
DUBLIN, Ireland—Ingersoll Rand spinoff company, Allegion, is now an independent, pure play security company, “a $2 billion startup” with potential for continued growth in North America and big growth outside of North America, according to Allegion executives Dave Petratis and Tim Eckersley, as well as security analyst Jeff Kessler, who all spoke to Security Systems News.“Allegion has done exceptionally well in the U.S. bringing multiple brands together in a situation where...
NFC access control: cool and coming, but not close
September 25, 2013Kenneth Z. Chutchian
If the operative word for near field communications access control is “cool,” then the obvious question is: “Are we there yet?”The answer is no.Despite limited rollouts that produced enthusiastic feedback from college students and other potential end users, the road toward widespread adoption of NFC-enabled smartphones being used for access control is full of detours and traffic lights. Some of the impediments are technological, some are about security and some are about when...
More news about IR spinoff; new president named
July 10, 2013Martha Entwistle
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...
Ingersoll Rand offers $1.55 billion of senior notes
June 18, 2013SSN Staff
SWORDS, Ireland—Ingersoll Rand announced this week that it has completed a $1.55 billion debt offering consisting of three tranches, maturing in 2019, 2023 and 2043.Proceeds from the sale will fund expenses related to the company's previously announced spinoff of its commercial and residential security businesses and to redeem the company's current debt. Ingersoll Rand, based here, announced Monday that the new security company—expected to be spun off later this year—will be called...
Ingersoll Rand names planned $2 billion spinoff: Allegion
June 17, 2013Martha Entwistle, Tess Nacelewicz
SWORDS, Ireland—Ingersoll Rand, which previously said it planned to spin off its security products business at some point this year, today announced that Allegion will be the name of the new company and that it will have revenues of $2.05 billion. “We're excited about the name,” Misty Zelent, a spokeswoman for Ingersoll Rand, based here, told Security Systems News. “It really represents the collaborative long-term relationships we have with customers and the team of experts...
Once IR spins off security division, will others follow?
June 12, 2013Martha Entwistle
Once IR spins off its security division, will others follow? Poking around some investor conference info recently, I came across this tidbit on Seeking Alpha
“Stanley Black & Decker Chairman John Lundgren made an interesting revelation during his chat at the Electrical Products Group Conference yesterday. [The conference took place in late May]. The exec says the company will keep an eye on the spinoff from Ingersoll Rand of its security business to see if a similar move would make sense for...
IR to shed security business
December 12, 2012Martha Entwistle
SWORDS, Ireland—Depending on how the new business is structured, conglomerate Ingersoll Rand's decision to spin off its security products business could benefit integrators, Michael McManus, Imperial Capital managing director, told Security Systems News.“From an operating company point of view, it will be interesting to see what kind of capitalization the parent company will spin off [the new stand-alone security company] with,” McManus said.The new entity's capital structure will...
ASIS 2011: News and notes from the show floor
September 22, 2011SSN Staff
ORLANDO, Fla.—There was plenty of news being made at ASIS 2011, which took place at the Orange County Convention Center Sept. 19-21. Below are some editor round-ups from ventured out onto the show floor to collect news and other goings-on.
Here's Martha's round-up:
The ASIS news started rolling in well before the show floor opened with the news released around 7 a.m. yesterday that Tyco International plans to split into three independent, publicly traded companies.
Over...
Ingersoll Rand names Gary Michel president of Residential Solutions business
July 25, 2011SSN Staff
SWORDS, Ireland—Ingersoll-Rand on July 21 announced the appointment of Gary Michel, a 26-year company veteran, as president of its Residential Solutions Sector, effective August 1. He replaces Steven Hochhauser, who is leaving the company to pursue other business opportunities.
Since 2007, Michel has been chief executive officer of Ingersoll Rand's Club Car business. In his new role, he will report to Michael Lamach, chairman, president and chief executive officer and be a member of the company's...
ISC Solutions opens
November 4, 2010Martha Entwistle
NEW YORK—The transformed ISC East, now called ISC Solutions, opened here with a new look and crowded aisles yesterday.
Was it a function of more people being at the show this year as opposed to last? Or was it the skinny aisles that gave the illusion that there were more people? The official audited numbers won't be available for more than a month, according to Ed Nichols of event organizer Reed Exhibitions, but attendees who spoke to Security Systems News said it didn't matter....