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Carmel poised to gain HQ of new public company

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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.


 

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  • 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.

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  1. Why not take some time to do some research before traveling to that Indiana town or city, and find the ones that are no smoking either inside, or have a patio? People like yourself are just being selfish, and unnecessarily trying to take away all indoor venues that smokers can enjoy themselves at. Last time I checked, it is still a free country, and businesses do respond to market pressure and will ban smoking, if there's enough demand by customers for it(i.e. Linebacker Lounge in South Bend, and Rack and Helen's in New Haven, IN, outside of Fort Wayne). Indiana law already unnecessarily forced restaurants with a bar area to be no smoking, so why not support those restaurants that were forced to ban smoking against their will? Also, I'm always surprised at the number of bars that chose to ban smoking on their own, in non-ban parts of Indiana I'll sometimes travel into. Whiting, IN(just southeast of Chicago) has at least a few bars that went no smoking on their own accord, and despite no selfish government ban forcing those bars to make that move against their will! I'd much rather have a balance of both smoking and non-smoking bars, rather than a complete bar smoking ban that'll only force more bars to close their doors. And besides IMO, there are much worser things to worry about, than cigarette smoke inside a bar. If you feel a bar is too smoky, then simply walk out and take your business to a different bar!

  2. As other states are realizing the harm in jailing offenders of marijuana...Indiana steps backwards into the script of Reefer Madness. Well...you guys voted for your Gov...up to you to vote him out. Signed, Citizen of Florida...the next state to have medical marijuana.

  3. It's empowering for this niche community to know that they have an advocate on their side in case things go awry. http://www.youtube.com/watch?v=Lrst9VXVKfE

  4. Apparently the settlement over Angie's List "bundling" charges hasn't stopped the practice! My membership is up for renewal, and I'm on my third email trying to get a "basic" membership rather than the "bundled" version they're trying to charge me for. Frustrating!!

  5. Well....as a vendor to both of these builders I guess I have the right to comment. Davis closed his doors with integrity.He paid me every penny he owed me. Estridge,STILL owes me thousands and thousands of dollars. The last few years of my life have been spent working 2 jobs, paying off the suppliers I used to work on Estridge jobs and just struggling to survive. Shame on you Paul...and shame on you IBJ! Maybe you should have contacted the hundreds of vendors that Paul stiffed. I'm sure your "rises from the ashes" spin on reporting would have contained true stories of real people who have struggled to find work and pay of their debts (something that Paul didn't even attempt to do).

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