Ingersoll Rand has completed the spinoff of the company's commercial and residential security businesses named Allegion.
"The on time completion of the Allegion separation is a significant milestone for both companies, their shareholders and employees," said Michael W. Lamach, chairman and CEO of Ingersoll Rand.
"Allegion's industry-defining products and partnerships with customers to solve their toughest security challenges set the company apart in raising the standards for safety and security. I congratulate Allegion Chairman and CEO Dave Petratis and all of the Allegion employees, and thank Ingersoll Rand employees around the world for their efforts in delivering on our commitment to complete the spin. These efforts position Allegion for long-term success and enable Ingersoll Rand to provide greater focus on growth within our core Industrial and Climate businesses."
Allegion ordinary shares were distributed on December 1, 2013, with Ingersoll Rand shareholders receiving one Allegion ordinary share for every three Ingersoll Rand ordinary shares held at the close of business on the record date of November 22, 2013.
