Ingersoll Rand Announces David D. Petratis Will Serve as Chairman, President and Chief Executive Officer of Allegion

  Ingersoll Rand Announces David D. Petratis Will Serve as Chairman, President
  and Chief Executive Officer of Allegion

Petratis to Start Aug. 5; Spinoff of Ingersoll Rand Security Business on Track
                                 by Year-end

Business Wire

SWORDS, Ireland -- July 9, 2013

Ingersoll-Rand plc (NYSE:IR) announced David (Dave) D. Petratis, current
chairman, president and CEO of Quanex Building Products (NYSE: NX), will serve
as chairman, president and CEO of Allegion, the $2 billion security company to
be created upon separation from Ingersoll Rand. Petratis will begin work Aug.
5 and will chair the new board when Allegion becomes a standalone,
publicly-traded company, which is expected to occur before year-end, as
planned.

“After a thorough and deliberate selection process, the board of directors is
pleased that David Petratis will lead the new security company, Allegion,”
said Richard J. Swift, Ingersoll Rand’s lead director. “His proven leadership
skills, depth of experience and industry knowledge give me the utmost
confidence he will lead this company to success.”

Petratis has served as chairman, president and CEO of Houston-based Quanex
since July 2008. He led the maker of engineered materials and components for
building products through one of the construction industry’s toughest economic
periods. In addition, his team grew the company organically and through
acquisition, creating global product leadership positions. Petratis also
strengthened the company’s culture around one brand, core values, health and
safety. At Allegion, Petratis will focus on the interests of customers,
employees and investors to grow the company and create lasting value for the
company and its shareholders.

“Dave has a deep understanding of global manufacturing businesses,
distribution, and channel marketing and management,” said Michael W. Lamach,
chairman and CEO of Ingersoll Rand. “He is 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. I am confident he will bring vision and leadership to help realize
Allegion’s full potential in the global safety and security industry.”

Petratis served as chief operating officer and then CEO of Schneider Electric
North America from 2003-2008. He grew its North American operations by more
than $2 billion, doubled its revenue and completed several successful
acquisitions. From 1994 to 2003, he served as president of MGE UPS Systems
Americas and was named Ernst & Young’s Entrepreneur of the Year in 2000.

Previously, he held key leadership positions at Square D Company, a
manufacturer and marketer of electrical power distribution and control systems
and services.David earned his bachelor’s degree in industrial management from
the University of Northern Iowa and his M.B.A. from Pepperdine University. He
is a director of Gardner Denver Inc.

“I am deeply honored and energized by the opportunity with Allegion,” Petratis
said. “It’s exciting to be appointed to lead a company with a reputation for
providing homeowners, building owners and architects with complex code-driven
security solutions, as well as distribution and channel marketing,
manufacturing excellence and category-inventing security brands worldwide.
These are tremendous assets to build upon, and I look forward to working with
our employees, customers, suppliers and partners worldwide.”

Petratis joins two other members of the Allegion executive team named earlier
this year: Patrick Shannon, senior vice president and chief financial officer;
and Barbara Santoro, senior vice president, general counsel and secretary for
Allegion. In addition, Petratis will serve on Allegion’s board with five
previously named directors: David B. Burritt, Michael J. Chesser, Carla Cico,
Kirk S. Hachigian and Luc Oursel.

The news that Petratis will lead Allegion is one of two major milestones for
the company announced today. Ingersoll Rand also revealed the company logo for
Allegion, reflecting the spirit and future vision of the standalone company.

Allegion is an Irish plc, with its North American corporate center in Carmel,
Ind., employing about 7,600 people in 35 countries including 20 production and
distribution facilities around the world.

Allegion will compete in the $30 billion global security products and
solutions industry by investing in attractive developing markets and emerging
technology; leveraging its expertise to deliver differentiated products and
services in key market segments; building upon its operational excellence
program; and pursuing acquisitions selectively to accelerate expansion into
attractive markets and products.

The portfolio includes strategic brands CISA®, Interflex®, LCN®, Schlage® and
Von Duprin®; and other brands including aptiQ®, Briton™, Bricard®, BOCOM
Systems™, Dalco™, Dexter®, Falcon®, Fusion Hardware Group™, Glynn-Johnson®,
ITO Kilit™, Ives®, Kryptonite®, Legge®, Martin Roberts™, Normbau™, Randi™,
Steelcraft® and XceedID®.

Allegion expects to list its shares on the New York Stock Exchange and use the
ticker symbol ALLE.

Forward-Looking Statements

This news release includes “forward-looking statements,” which are statements
that are not historical facts, including, but not limited to, statements that
relate to our intent to create two independent companies as a result of the
proposed spinoff, the potential and opportunities for the independent
companies following the spinoff, Allegion’s strategies following the spinoff;
the expected benefits of the proposed spinoff, the tax-free nature of the
proposed spinoff, the expected credit profiles of the independent companies,
the timing of the transaction and our capital structure and allocation. The
forward-looking statements in this news release are based on current
expectations and assumptions that are subject to risks and uncertainties, many
of which are outside of our control, and could cause results to materially
differ from expectations. Such risks and uncertainties, include, but are not
limited to: our ability to timely obtain, if ever, necessary regulatory
approvals or to satisfy any of the other conditions to the proposed spinoff;
adverse effects on the market price of our ordinary shares and on our
operating results because of our inability to timely complete, if ever, the
proposed spinoff; our ability to fully realize the expected benefits of the
proposed spinoff; negative effects of announcement or consummation of the
proposed spinoff on the market price of the company’s ordinary shares;
significant transaction costs and/or unknown liabilities; general economic and
business conditions that affect the companies in connection with the proposed
spinoff; unanticipated expenses such as litigation or legal settlement
expenses; failure to obtain tax rulings or tax law changes; changes in capital
market conditions; the impact of the proposed spinoff on the company’s
employees, customers and suppliers; future opportunities that the company’s
board may determine present greater potential to increase shareholder value;
and the ability of the companies to operate independently following the
spinoff. Actual results could differ materially. For further information
regarding risks and uncertainties associated with our businesses, please refer
to our Form 10-K for the year ended December 31, 2012, Form 10-Q for the
quarter ended March 31, 2013, and in our other SEC filings, as well as the
“Risk Factors” section of Allegion’s Registration Statement on Form 10.
Ingersoll Rand assumes no obligation to update these forward-looking
statements.

About Ingersoll Rand

Ingersoll Rand (NYSE:IR) advances the quality of life by creating and
sustaining safe, comfortable and efficient environments. Our people and our
family of brands—including Club Car®, Ingersoll Rand®, Schlage®, Thermo King®
and Trane® —work together to enhance the quality and comfort of air in homes
and buildings; transport and protect food and perishables; secure homes and
commercial properties; and increase industrial productivity and efficiency. We
are a $14 billion global business committed to a world of sustainable progress
and enduring results. For more information, visit ingersollrand.com.

Contact:

Ingersoll Rand
Media:
Misty Zelent, 704-655-5324
mzelent@irco.com
or
Analysts:
Joe Fimbianti, 704-655-4721
joseph_fimbianti@irco.com
or
Janet Pfeffer, 704-655-5319
janet_pfeffer@irco.com
 
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