Security Spinoff Gets CEOPosted: Updated:
Ingersoll-Rand (NYSE: IR) has named the chief executive officer for a spinoff company that will have strong presence in central Indiana. David Petratis will be chairman and CEO of Allegion. The $2 billion security company will be created once the separation from Ingersoll-Rand is complete later this year. Its North American corporate center will be in Carmel. The spin-off will have around 7,600 workers in 53 countries. July 9, 2013
SWORDS, Ireland, Jul 09, 2013 -- Ingersoll-Rand announced David (Dave) D. Petratis, current chairman, president and CEO of Quanex Building Products, will serve as chairman, president and CEO of Allegion, the $2 billion security company to be created upon separation from Ingersoll Rand. Petratis will begin work Aug. 5 and will chair the new board when Allegion becomes a standalone, publicly-traded company, which is expected to occur before year-end, as planned.
"After a thorough and deliberate selection process, the board of directors is pleased that David Petratis will lead the new security company, Allegion," said Richard J. Swift, Ingersoll Rand's lead director. "His proven leadership skills, depth of experience and industry knowledge give me the utmost confidence he will lead this company to success."
Petratis has served as chairman, president and CEO of Houston-based Quanex since July 2008. He led the maker of engineered materials and components for building products through one of the construction industry's toughest economic periods. In addition, his team grew the company organically and through acquisition, creating global product leadership positions. Petratis also strengthened the company's culture around one brand, core values, health and safety. At Allegion, Petratis will focus on the interests of customers, employees and investors to grow the company and create lasting value for the company and its shareholders.
"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. "He is an accomplished leader in the manufacturing and marketing of code-compliant, high-value products that are specified by architects and engineers, and used by commercial and residential builders. I am confident he will bring vision and leadership to help realize Allegion's full potential in the global safety and security industry."
Petratis served as chief operating officer and then CEO of Schneider Electric North America from 2003-2008. He grew its North American operations by more than $2 billion, doubled its revenue and completed several successful acquisitions. From 1994 to 2003, he served as president of MGE UPS Systems Americas and was named Ernst & Young's Entrepreneur of the Year in 2000.
Previously, he held key leadership positions at Square D Company, a manufacturer and marketer of electrical power distribution and control systems and services. David earned his bachelor's degree in industrial management from the University of Northern Iowa and his M.B.A. from Pepperdine University. He is a director of Gardner Denver Inc.
"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, as well as distribution and channel marketing, manufacturing excellence and category-inventing security brands worldwide. These are tremendous assets to build upon, and I look forward to working with our employees, customers, suppliers and partners worldwide."
Petratis joins two other members of the Allegion executive team named earlier this year: Patrick Shannon, senior vice president and chief financial officer; and Barbara Santoro, senior vice president, general counsel and secretary for Allegion. In addition, Petratis will serve on Allegion's board with five previously named directors: David B. Burritt, Michael J. Chesser, Carla Cico, Kirk S. Hachigian and Luc Oursel.
The news that Petratis will lead Allegion is one of two major milestones for the company announced today. Ingersoll Rand also revealed the company logo for Allegion, reflecting the spirit and future vision of the standalone company.
Allegion is an Irish plc, with its North American corporate center in Carmel, Ind., employing about 7,600 people in 35 countries including 20 production and distribution facilities around the world.
Allegion will compete in the $30 billion global security products and solutions industry by investing in attractive developing markets and emerging technology; leveraging its expertise to deliver differentiated products and services in key market segments; building upon its operational excellence program; and pursuing acquisitions selectively to accelerate expansion into attractive markets and products.
The portfolio includes strategic brands CISA(R), Interflex(R), LCN(R), Schlage(R) and Von Duprin(R); and other brands including aptiQ(R), Briton(TM), Bricard(R), BOCOM Systems(TM), Dalco(TM), Dexter(R), Falcon(R), Fusion Hardware Group(TM), Glynn-Johnson(R), ITO Kilit(TM), Ives(R), Kryptonite(R), Legge(R), Martin Roberts(TM), Normbau(TM), Randi(TM), Steelcraft(R) and XceedID(R).
Allegion expects to list its shares on the New York Stock Exchange and use the ticker symbol ALLE.
Source: Ingersoll Rand, Allegion