Allegion PLC’s plans to add employees at its North American headquarters in Carmel could earn the global security firm as much as $2 million in tax credits from the Indiana Economic Development Corp.
The company, newly spun off from Irish industrial conglomerate Ingersoll Rand PLC, promised to create as many as 100 jobs during 2014. The tax credits will be awarded only if workers are hired, the IEDC said.
Central Indiana already is home base for about 1,000 Allegion employees—split between its 12,000-square-foot corporate center in Carmel and a 380,000-square foot manufacturing facility on Indianapolis’ east side. Its global headquarters is in Dublin, Ireland.
Dozens of workers looked on Wednesday morning as CEO Dave Petratis unveiled a new Allegion sign atop the corporate headquarters building just east of U.S. 31 in Carmel. IBJ reported the spinoff plans in July and the company's expansion plans Dec. 2.
As a stand-alone corporation, Allegion forecasts $2 billion in annual revenue and market value of $4.2 billion, which puts the company in league with some of Indiana’s largest companies, such as Allison Transmission, Steel Dynamics and Vectren Corp.
Allegion shares were down 35 cents Wednesday morning, to $42.21 each.