Ingersoll-Rand to spin off its security businesses
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Filing in Focus: Ingersoll-Rand 8-K, June 17, 2013
Ingersoll-Rand (IR) has announced it will spin off its residential and commercial security businesses in a transaction expected to be complete by the end of the year, and has also filed the required Form 10 Registration Statement needed to formally initiate the process with the SEC. The new $2.05B company will be named Allegion, representing in its name the long-term relationships it forms with its customers. Though Allegion’s CEO has yet to be named, Ingersoll-Rand has named five directors to serve on its board in addition to the CEO who will serve as Chairman. Allegion and its 7,600 employees will be competing in the $30B security market and expects to list on the NYSE as ALLE.