Allegion starts a new life as standalone security company

Allegion Plc, a global provider of security products and solutions, debuted Monday as a publicly traded company following its spinoff from multinational corporation Ingersoll Rand, with the new company's Asia-Pacific headquarters located in Shanghai.

With the spinoff, Allegion hopes to increase annual sales from its current $2 billion to more than $3 billion over the next 20 years, which is more than one-tenth of the global market value of the security and protection industry.

"This is an opportunity to carry forward the best of Allegion's heritage, expertise and entrepreneurial roots while becoming bolder at capitalizing on major trends in commercial and residential security," said Dave Petratis, chairman, president and CEO of Allegion, adding that it will invest in the electronic side of the business as well as maintain the same level of dedication to the continuous improvement and advancement of its mechanical products.