IBJNews

Carmel poised to gain HQ of new public company

Back to TopCommentsE-mailPrintBookmark and Share

Carmel is poised to land the U.S. corporate headquarters of a soon-to-be public company that already boasts $2 billion in annual revenue and employs 1,300 in the Indianapolis area.

Ireland-based Ingersoll-Rand PLC announced this week that it plans to spin off its commercial and residential security unit, which is based in Carmel, into a independently operated public company.

The spinoff will be incorporated in Ireland, but an Ingersoll spokeswoman said Thursday that the U.S. headquarters will be based in Carmel at the division’s current location on Pennsylvania Street.

“The new security company is anticipated to be an Irish PLC with its North American corporate offices in Carmel, Indiana,” the spokeswoman said via e-mail.

The company has yet to be named, and Ingersoll said it expects the process to be completed within 12 months.

Though the operations already exist there, the announcement is quite a coup for Carmel, which is on the verge of landing a large public company without much effort from economic development officials.

The 450-employee headcount in Carmel and the $2 billion in annual revenue it generates could grow. Ingersoll said the company is expected to have the “financial flexibility to take advantage of future growth opportunities.”

Ingersoll declined to be more specific about those growth plans.

City officials from Carmel did not return phone calls seeking comment Friday morning.

Ingersoll, whose U.S. headquarters are in Davidson, N.C., said it chose to separate the security division in Carmel to focus on its industrial, transport refrigeration and heating, ventilation and air-conditioning businesses.

The Carmel operations will continue to provide electronic and mechanical security products for commercial and residential customers.

“Given the distinct strengths and strategies of the two proposed companies, the board believes that this structure will enable investors to value our different businesses separately, creating value for both companies and their shareholders,” Ingersoll Chairman and CEO Michael W. Lamach said in a prepared statement.

Ingersoll’s Von Duprin manufacturing plant on the east side of Indianapolis has made panic-door closures and bars since 1908 following the invention of the panic exit device by local hardware salesman Carl Prinzler and engineer Henry DuPont.

The product was marketed by Vonnegut Hardware Co. under the name Von Duprin, a contraction of Vonnegut, DuPont and Prinzler.

The security division in Carmel is located at the former Pennsylvania Street campus of Conseco Inc., now CNO Financial.

Besides Von Duprin, the new company’s portfolio of brands will include Schlage, LCN, Interflex, CISA, Briton, Bricard, BOCOM Systems, Dexter, Kryptonite, Falcon and Fusion Hardware Group.

Ingersoll Rand operates more than 100 manufacturing plants in the United States, Europe, Asia, Latin America and Canada.

Worldwide, the Ingersoll security division has 7,000 employees.


 

ADVERTISEMENT

  • New jobs
    The article did not say it, but of course there will be new jobs. There will be jobs such as investor relations, sec reporting,a VP of tax, and many others that a public company typically has.
  • Good for the Area
    Yes, it's true, this split doesn't immediately add employment, but maybe it gains some recognition for the 1,300 employees who go largely unnoticed. Having a headquarters created and stay here is certainly better than the alternative, which seems to happen all too often. The folks at Von Duprin INVENTED the panic exit device and are probably the world's largest supplier of these devices which we all use everyday and probably don't even notice. There are more companies in Indianapolis besides Eli Lilly, Exact Target and Simon (all great companies, by the way) so it's nice to hear good news about a long time Indianapolis native.
  • About time!
    IR has been siphoning off profits from the hardware division for years. This will allow investment in products & acquisitions instead of paying down debt from the Trane deal. The only thing Carmel will gain is the "prestige" of being the pseudo-HQ of a $2B company. City keeps property & employee income taxes, but corporate taxes will continue to go to Ireland. If manufacturing expands Indy could get investment (plant is on east side). Only if it isn't acquired 6 months later by Assa Abloy...
  • Confused...
    I agree with the prior comment. I read this article twice and it does not seem there is any new jobs or a new company coming, but then again this article seems poorly written.
  • Story Says Nothing Important
    Unless I missed something, Ingersoll is intending to segregate part of its current operation and to give it a new name, that of an Irish corporation, but still operate at its current facility. No new jobs are being created. What exactly did Carmel "land"? Renaming a division of an existing company is not comparable to enticing a new business to locate in a community.
  • Drat
    Should have been downtown. Headquarters belong in central cities, not the suburbs.

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. Great article and post scripts by Mike L (Great addition to IBJ BTW). Bobby's stubborn as a mule, and doubt if he ever comes back to IU. But the love he would receive would be enormous. Hope he shows some time, but not counting on it.

  2. When the Indiana GOP was going around the State selling the Voucher bill they were promising people that the vouchers would only be for public charter schools. They lied. As usual.

  3. I am Mr. Morris Ray, a Legitimate And a Reputable money Lender. We lend funds out to individuals in need of financial assistance, we give loan to people that have a bad credit or in need of money to pay bills, to invest on business. Have you been looking for loan? you have not to worry, because you are in the right place i offer loan at low interest rate of 2% so if you are in need of a loan i want you to just contact me via this email Address: morris_ray123@outlook.com

  4. Jim, your "misleading" numbers comment is spot on. This is the spin these posers are putting on it. News flash, fans: these guys lie. They are not publicly traded so no one holds them accountable for anything they say. The TV numbers are so miniscule to begin with any "increase" produces double digit "growth" numbers. It's ridiculous to think that anything these guys have done has awakened the marketplace. What have they done? Consolidate the season so they run more races on consecutive weekends? And this creates "momentum." Is that the same momentum you enjoy when you don't race between August and March? Keep in mind that you are running teams who barely make ends meet ragged over the summer to accomplish this brilliant strategy of avoiding the NFL while you run your season finale at midnight on the East Coast. But I should not obfuscate my own point: any "ratings increase" is exactly what Jim points to - the increased availability of NBC Sports in households. Look fans, I love the sport to but these posers are running it off a cliff. Miles wants to declare victory and then run for Mayor. I could go on and on but bottom line for God's sake don't believe a word they say. Note to Anthony - try doing just a little research instead of reporting what these pretenders say and then offering an "opinion" no more informed than the average fan.

  5. If he's finally planning to do the right thing and resign, why not do it before the election? Waiting until after means what - s special election at tax payer expense? Appointment (by whom?) thus robbing the voters of their chance to choose? Does he accrue some additional financial advantage to waiting, like extra pension payments? What's in it for him? That's the question that needs to be asked.

ADVERTISEMENT