Spinoff firm with Carmel HQ plans to hire 150

Back to TopCommentsE-mailPrintBookmark and Share

Allegion PLC, an international firm that made its debut as a public company on Monday, plans to hire another 150 people within six months between its Carmel corporate hub and Indianapolis manufacturing facility, according to its CEO.

“The future is bright for this company and for its presence in central Indiana," CEO David Petratis told IBJ on Monday. "The creation of Allegion opens a lot of opportunities for growth. Security is on the minds of the world, and we have a great opportunity for growth.”

The firm previously operated out of Carmel as the Security Technologies division of Irish industrial conglomerate Ingersoll Rand PLC. Ingersoll Rand decided to spin off the security division so the business could better focus on its own market.

Shares in the fledgling firm debuted on the New York Stock Exchange on Monday, starting at $43.24 and slipping about 30 cents to $42.94 by noon. The listing on NYSE was Allegion’s final step in its spinoff.

“So far, we’re pleased with the reaction [of Wall Street]," Petratis said. "We think it's aligned with our valuation, which relates to the strength of our people, products, income statement and balance sheet, and the opportunities we have in the marketplace.”

Although Allegion’s formal headquarters is in Dublin, Ireland, central Indiana is home base for about 1,000 employees split fairly evenly between two sites.  The firm's executive team is based in corporate offices in Carmel, and the company also operates a century-old factory on West 78th Street in Indianapolis.

“We like it in [central Indiana] because of its centralized location, its access to an educated work force, and because of our relationships with Purdue and Indiana universities,” Petratis said.

Allegion makes metal door parts, deadbolt locks and other security products. The company sells 23 brands worldwide, with some of its biggest labels being Von Duprin, Schlage and CISA. Its total work force amounts to 7,600 employees scattered among 35 countries.

Before the NYSE debut, early trading in Allegion’s stock was volatile. Trading in so-called “when-issued” shares began Nov. 18 at $49.75 apiece. But the shares had dropped 13 percent, to $43.99, by Nov. 22.

Ingersoll Rand shareholders received one Allegion share for every three Rand shares held at the close of business on Nov. 22.

Allegion, as a stand-alone corporation, 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 made a splash on Wall Street even before its stock market debut. Based on its projected valuation, the S&P Dow Jones Indexes decided to include it among the Standard & Poor’s 500 index, booting struggling retailer J.C. Penney Co. down to the S&P MidCap 400 Index.

Shares of Rand traded around $70 for most of November. On Monday morning, they had dropped about 21 percent, to $56.31.


  • Irish Companies????
    Another great job of research IBJ Staff. Ingersoll Rand Allegion have headquarters in Ireland. If you call a one or two person office a headquarters. IR's headquarters is in Davidson, NC and Allegion's is in Carmel. Their "formal" headquarters in Ireland are just enough people to allow them to utilize Ireland as a Tax shelter - which was a great source of controversy about a decade ago. The CEO's and other leading executives are right here in the states. Next time try to do some reporting other than just printing the press release provided to you by the company's PR department.

Post a comment to this story

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

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
Subscribe to IBJ
  1. These liberals are out of control. They want to drive our economy into the ground and double and triple our electric bills. Sierra Club, stay out of Indy!

  2. These activist liberal judges have gotten out of control. Thankfully we have a sensible supreme court that overturns their absurd rulings!

  3. Maybe they shouldn't be throwing money at the IRL or whatever they call it now. Probably should save that money for actual operations.

  4. For you central Indiana folks that don't know what a good pizza is, Aurelio's will take care of that. There are some good pizza places in central Indiana but nothing like this!!!

  5. I am troubled with this whole string of comments as I am not sure anyone pointed out that many of the "high paying" positions have been eliminated identified by asterisks as of fiscal year 2012. That indicates to me that the hospitals are making responsible yet difficult decisions and eliminating heavy paying positions. To make this more problematic, we have created a society of "entitlement" where individuals believe they should receive free services at no cost to them. I have yet to get a house repair done at no cost nor have I taken my car that is out of warranty for repair for free repair expecting the government to pay for it even though it is the second largest investment one makes in their life besides purchasing a home. Yet, we continue to hear verbal and aggressive abuse from the consumer who expects free services and have to reward them as a result of HCAHPS surveys which we have no influence over as it is 3rd party required by CMS. Peel the onion and get to the root of the problem...you will find that society has created the problem and our current political landscape and not the people who were fortunate to lead healthcare in the right direction before becoming distorted. As a side note, I had a friend sit in an ED in Canada for nearly two days prior to being evaluated and then finally...3 months later got a CT of the head. You pay for what you get...