Allegion plc (NYSE: ALLE), a leading global security products and solutions provider, through one of its subsidiaries, has acquired Krieger Specialty Products LLC ("Krieger").
Based in the Los Angeles, California, area, Krieger is a leading U.S. manufacturer of high-performance special purpose doors and windows for industrial, commercial and institutional markets. Krieger's solutions include security, radio frequency, acoustical, forced entry, bullet, blast and thermal applications, and they're installed in a wide range of facilities ranging from data centers, hospitals, power plants and government offices to broadcasting stations, theaters, museums and banks.
Krieger will operate as part of the Allegion Americas segment, led by Allegion Senior Vice President Dave Ilardi.
"This acquisition broadens our portfolio, while strengthening our manufacturing presence regionally and bringing together two strong workplace cultures," Ilardi said. "Krieger's high-quality specialty products will add to the breadth of Allegion's solutions, while our specification and institutional market expertise will fuel demand creation and growth for Krieger. Our businesses will also create greater manufacturing scale, leveraging our combined talented teams to best serve customers."
Krieger CEO Bob McCluney will serve in an advisory capacity, supporting a smooth transition for the business as it joins Allegion. Other members of the Krieger management team and employees will become part of Allegion Americas' non-residential business, joining leading doors and frames brands like Steelcraft and Republic Doors.
"The alignment of Allegion's and Krieger's cultures is striking," McCluney said. "Krieger clearly complements Allegion's industry-leading door and frame brands. Our businesses share a commitment to technical leadership and customer satisfaction. Moreover, we prioritize investments in our personnel, reflecting numerous shared core values."
Terms of the transaction were not disclosed.
About Allegion
Allegion (NYSE: ALLE) is a global pioneer in seamless access, with leading brands like CISA, Interflex, LCN, Schlage, SimonsVossand Von Duprin. Focusing on security around the door and adjacent areas, Allegion secures people and assets with a range of solutions for homes, businesses, schools and institutions. Allegion had $3.7 billion in revenue in 2023, and its security products are sold around the world. For more, visit www.allegion.com.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, including, but not limited to, the company's ability to successfully integrate the acquisition, achieve anticipated strategic and financial benefits from the acquisition, and statements regarding the company's 2024 and future financial performance, the company's business plans and strategy, the company's growth strategy, the company's capital allocation strategy, and the performance of the markets in which the company operates. These forward-looking statements generally are identified by the words "believe," "aim," "project," "expect," "anticipate," "estimate," "forecast," "outlook," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result" or the negative thereof or variations thereon or similar expressions generally intended to identify forward-looking statements. Forward-looking statements may relate to such matters as projections of revenue, margins, expenses, tax rate and provisions, earnings, cash flows, benefit obligations, dividends, share purchases or other financial items; any statements of the plans, strategies and objectives of management for future operations, including those relating to any statements concerning expected development, performance or market share relating to our products and services; any statements regarding future economic conditions or our performance; any statements regarding pending investigations, claims or disputes; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Undue reliance should not be placed on any forward-looking statements, as these statements are based on the company's currently available information and our current assumptions, expectations and projections about future events. They are subject to future events, risks and uncertainties many of which are beyond the company's control as well as potentially inaccurate assumptions, that could cause actual results to differ materially from those in the forward-looking statements. Important factors and other risks that may affect the company's business or that could cause actual results to differ materially are included in filings the company makes with the Securities and Exchange Commission from time to time, including its Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q and in its other SEC filings. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions. The company undertakes no obligation to update these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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Contacts:
Media Contact:
Whitney Moorman Director, Global Communications
317-810-3241
Whitney.Moorman@allegion.com
Analyst Contacts:
Jobi Coyle Director, Investor Relations
317-810-3107
Jobi.Coyle@allegion.com
Josh Pokrzywinski Vice President, Investor Relations
463-210-8595
Joshua.Pokrzywinski@allegion.com
