A spokesperson for Allegion commented: “Alcyon is a stand-alone investment company with an extensive infrastructure and network that can support and develop the businesses. We believe that Alcyon is the right buyer for our UK Door businesses due to the leadership capability, expertise and experience in related industries. Alcyon are immensely professional in their approach and have a demonstrable track record in assisting businesses in a similar position.”
Philip Lammas, MD of Alcyon, said “the acquisition transitions the Doors’ Businesses to a standalone and dynamic entity, allowing the company to sharpen its focus on identifying exciting opportunities for development. Driven by the strength of the brands, the excellent management team and committed, skilled workforce, supported by a stable funding platform, ‘Doors’ will seek to strengthen its product offering together with improved routes to market.”
Dave Petratis, Chairman, President and CEO – Allegion said “this transaction enables us to simplify our portfolio and focus on the key strategic businesses and services that can be leveraged across the EMEIA region. We thank the transitioning employees for their contribution to Allegion’s success and wish them well in the Alcyon family.”
Allegion (NYSE: ALLE) creates peace of mind by pioneering safety and security. As a $2 billion provider of security solutions for homes and businesses, Allegion employs more than 8,000 people and sells products in more than 120 countries across the world. Allegion comprises 27 global brands, including strategic brands CISA®, Interflex®,LCN®, Schlage® and Von Duprin®.
For more, visit www.allegion.com