DUBLIN (April 24, 2015) – Allegion, plc (NYSE: ALLE), a leading global security products and solutions provider, has signed a definitive agreement to acquire the assets of Brio, a division of RMD Industries Pty Ltd. Brio is a market-leading designer and manufacturer of sliding and folding door hardware for commercial and residential spaces in Australia, New Zealand, the United Kingdom and the United States. The transaction is expected to close in the second quarter.
Allegion Senior Vice President and President of Asia Pacific William Yu said the acquisition of Brio will allow Allegion to enter the sliding and folding door hardware market with an already strong brand reputation and high-quality products, while also providing expansion opportunities around the world.
“The sliding and folding door hardware market has obvious synergies with the ‘around-the-doorway’ security markets Allegion leads, so we already have the technical capabilities needed to support this new product offering for our customers,” Yu said. “With our strong global specification writing teams and sales coverage, we’ll be able to leverage Brio’s position in Australia and New Zealand as well as its increasing footprints in the United States and Europe to drive growth for Allegion and our family of brands.”
Brio’s suite of products includes door hardware systems and accessories for interior sliding and folding doors; WeatherfoldTM exterior folding doors; straight-sliding, top-hung doors; straight-sliding, bottom-roller doors; and retractable insect screens.
Brio General Manager Styli Pelekanos said the acquisition was a strategic one for both entities.
“To be part of Allegion is exciting – almost overnight we are expanding our global footprint,” said Pelekanos. “Brio has spent many years developing a wide range of unique products that have benefited and solved problems for our customers.”
Terms of the transaction were not disclosed.
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This news release includes “forward-looking statements,” which are statements that are not historical facts, including statements that relate to our business and growth strategy. These forward-looking statements are based on the Company's currently available information and our current assumptions, expectations and projections about future events. They are subject to future events, risks and uncertainties - many of which are beyond our control - as well as potentially inaccurate assumptions, that could cause actual results to differ materially from those in the forward-looking statements. Further information on these factors and other risks that may affect the Company's business is included in filings it makes with the Securities and Exchange Commission from time to time; including its Form 10-K for the year ended December 31, 2014. The Company assumes no obligations to update these forward looking statements.
Allegion (NYSE: ALLE) is a global pioneer in safety and security, with leading brands like CISA®, Interflex®, LCN®, Schlage® and Von Duprin ®. Focusing on security around the door and adjacent areas, Allegion produces a range of solutions for homes, businesses, schools and other institutions. Allegion is a $2 billion company, with products sold in almost 130 countries.
For more, visit www.allegion.com.
Maria Pia Tamburri - Director, Public Affairs