The $2 billion global security company slated to take shape in Carmel later this year has added a major piece to its executive puzzle: CEO David D. Petratis.
The 55-year-old Petratis will take the helm of Allegion on Aug. 5, Ireland-based Ingersoll-Rand announced Tuesday. The conglomerate is spinning off its security operations into Allegion, which is expected debut on the New York Stock Exchange as a stand-alone company by the end of the year.
Ingersoll-Rand’s Security Technologies division currently is based in Carmel. Those offices will become the North American corporate center for Allegion, which will be based in Ireland. Allegion will hit the ground running, with $2 billion in sales and about 7,600 employees in 35 countries.
Petratis most recently was chairman, president and CEO of Houston-based public company Quanex Building Products Corp. He will hold the same positions with Allegion, which will focus on manufacturing steel doors and locks.
“Dave has a deep understanding of global manufacturing businesses, distribution, and channel marketing and management,” said Michael W. Lamach, chairman and CEO of Ingersoll-Rand, in a prepared release. “He is an accomplished leader in the manufacturing and marketing of code-compliant, high-value products that are specified by architects and engineers.”
“I am deeply honored and energized by the opportunity with Allegion,” Petratis said. “It’s exciting to be appointed to lead a company with a reputation for providing homeowners, building owners and architects with complex code-driven security solutions.”
Petratis said he would work out of the Carmel offices, and planned to live in the area.
Security Technologies currently employs about 400 people in its Carmel offices at 11819 N. Pennsylvania St. Once Allegion goes public—and then for the immediate future—employment should remain about the same, company officials said Tuesday. In addition, no immediate changes to operations are expected at the Ingersoll-Rand manufacturing plant at 2720 Tobey Drive in Indianapolis, which makes products for the security division.