Allegion, Ingersoll Rand’s New Security Spinoff, Names Additional Members of Leadership Team

  Allegion, Ingersoll Rand’s New Security Spinoff, Names Additional Members of
  Leadership Team

 Appointments reflect commitment to operational excellence, superior customer
                            service and innovation

Business Wire

SWORDS, Ireland -- October 7, 2013

Allegion, a $2 billion global leader in the security and safety industry that
will be created upon separation from Ingersoll Rand, today named six
additional members of its leadership team who will guide the company to future
growth and success. The leadership appointments underscore Allegion’s strong
commitment to operational excellence, superior customer service and
industry-leading innovation. Allegion is expected to become a standalone,
publicly-traded company prior to year-end, as previously announced.

The following additional members comprise Allegion’s executive leadership team
and have been elected officers of the future company:

  *Timothy Eckersley, president of Commercial Americas at Ingersoll Rand, as
    senior vice president and president of the Americas region
  *Todd Graves, vice president, engineering and technology of Ingersoll Rand
    Security Technologies, as vice president, engineering and technology
  *Tracy Kemp, vice president, information technology for Ingersoll Rand
    Security Technologies and Residential Solutions, as vice president and
    chief information officer
  *Chris Muhlenkamp, vice president, global operations and integrated supply
    chain at Ingersoll Rand Security Technologies, as vice president, global
    operations and integrated supply chain
  *William Yu, president of Security Technologies, Ingersoll Rand, Asia
    Pacific, as senior vice president and president of the Asia Pacific region

John Stanley, vice president, finance, Europe, Middle East, India and Africa
(EMEIA) region, will also serve as interim EMEIA regional leader.

John Evans, current president of Residential Security Solutions at Ingersoll
Rand, will remain in his role until the spinoff is complete, at which point he
will remain with Ingersoll Rand. Evans will work closely with Eckersley and
Allegion’s leadership team between now and the spinoff to ensure a seamless
transition.

“As security industry experts, these individuals are uniquely prepared to lead
Allegion to success as an independent, public company. I look forward to
working closely with them to create new opportunities for our employees,
strengthen corporate and shareholder value and deliver a first-class
experience for customers located around the world,” said  Dave Petratis,
chairman and CEO of Allegion.

Previous leadership appointments were Patrick Shannon, senior vice president
and chief financial officer, whose role has expanded to include global
business development; Barbara Santoro, senior vice president, general counsel
and Secretary; and Ray Lewis, senior vice president of Human Resources and
Communications.

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 Allegion

Allegion (NYSE:ALLE) helps keep people safe and secure where they live, work
and visit. A leading provider of security products and solutions for homes and
businesses, Allegion offers products under 23 global brands. Allegion
specializes in security around the doorway and beyond: everything from
residential and commercial locks, door closers and exit devices, steel doors
and frames to access control and workforce productivity systems. Allegion is a
$2 billion business employing more than 7,600 people and offering products in
more than 120 countries across the world.

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

For more, visit allegion.com.

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.

Editor’s Note: Please find brief bios on the newly appointed Allegion
executives below. For full bios or additional information, please contact
Misty Zelent at +1-704-655-5324.

Tim Eckersley, senior vice president and president of the Americas region. In
this role, Tim is responsible for leading Allegion’s Americas-based business.
A 25-year veteran in high growth technology industries, Tim previously served
as Ingersoll Rand’s Security Technologies president of commercial Americas.
Prior to joining Ingersoll Rand, Tim was senior vice president of customer and
market operations for Nokia in North America. In this role, he was responsible
for Nokia’s multi-billion dollar mobile device business. At Nokia, Tim also
held several senior leadership positions within the network infrastructure
business. Tim received a bachelor’s degree in electrical engineering and a
master’s degree in business administration from the University of Texas at
Arlington.

Todd Graves, vice president, engineering and technology. In this role, Todd is
responsible for driving both product and process innovation across Allegion’s
global business. Todd previously served as vice president, engineering and
technology of Security Technologies at Ingersoll Rand. Before joining
Ingersoll Rand, Todd was the vice president of engineering for ClearEdge
Power, a cutting-edge manufacturer of fuel cells for stationary applications.
Prior to that, Todd was division vice president of Unmanned Aircraft Systems
engineering at AAI Corporation, an operating unit of Textron Systems, a
Textron Inc. company. Earlier, Todd held a variety of positions at General
Electric Company’s security business in an engineering leadership capacity. He
received a bachelor’s and master’s degrees in aerospace engineering from the
University of Notre Dame.

Tracy Kemp, vice president and chief information officer. In this role, Tracy
is responsible for technology systems, applications and tools that support
Allegion’s global business. She previously served as vice president,
information technology for the Security Technologies and Residential Solutions
sectors at Ingersoll Rand. Prior to joining Ingersoll Rand, Tracy worked for
Eli Lilly and Company for 18 years, most recently as senior director of
information technology. Previously she held several information technology
leadership positions across enterprise infrastructure, human resources,
toxicology and Lilly Research Laboratories. Tracy received a bachelor’s degree
in computer science and mathematics from Oklahoma Christian University.

Chris E. Muhlenkamp, vice president, global operations and integrated supply
chain. In this role, Chris is responsible for Allegion’s global production
capabilities and global supply chain relationships. Chris previously served as
vice president of operations and global integrated supply chain for Ingersoll
Rand Security Technologies. He was responsible for the production and
manufacture of doors, locks and hardware at 15 sites that spanned the
Americas, Europe and Asia Pacific. Before joining Ingersoll Rand, Chris held
senior leadership roles in operations, materials, sales, human resources and
purchasing at Delphi Electronics supporting the automotive industry. Chris
holds a bachelor’s degree from the University of Notre Dame and a master’s in
business administration from Ball State University.

John Stanley, vice president, finance and interim EMEIA leader. In this role,
John is responsible for serving as the interim leader of Allegion’s
EMEIA-based business. A 14-year veteran of Ingersoll Rand, John has served in
a variety of operations, general management and finance roles within the
company, most recently serving as vice president of finance and business
transformation for Ingersoll Rand Security Technologies in the EMEIA region.

William Yu, senior vice president and president of the Asia Pacific region. In
this role, William is responsible for leading our Asia Pacific-based business.
William previously served as the president of Security Technologies of
Ingersoll Rand Asia Pacific and the dean of the Ingersoll Rand Safety and
Security Institute. During his 14 years working with Ingersoll Rand, William
served as director of Shanghai Ingersoll Rand Compressor Co., Ltd; general
manager of Air System Aftermarket Services; general manager of Ingersoll Rand
(Shanghai) Machinery Co., Ltd; vice president of the Thermo King business in
the Asia Pacific region. William received a bachelor’s degree in German from
the Shanghai University of Technology and a master’s degree in business
administration from China-Europe International Business School. He resides in
Shanghai, China.

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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