Deals
Ingersoll-Rand Names Security Spinoff Allegion
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Ingersoll-Rand Plc registered to list its commercial and residential security business as a publicly traded company after billionaire investor Nelson Peltz won his push for a spinoff to boost shareholder value.
The company, with $2 billion in annual sales and products ranging from steel doors to electronic locks, will be called Allegion Plc and list on the New York Stock Exchange under the ticker ALLE, Ingersoll said in a statement today. Swords, Ireland-based Ingersoll said the spinoff will occur by the end of the year.