Allegion Acquires Australian Lock Provider, FSH
Allegion, (formerly Ingersoll Rand) has acquired Australian electromechanical locking provider Fire & Security Hardware (FSH). The transaction strengthens Allegion's presence in the Australian security market while bringing innovative electro-mechanical technologies that can be applied globally.
The acquisition of the privately-owned company, which distributes its products primarily through wholesale and systems integrator channels, gives Allegion ownership of the FSH brand and product portfolio, which includes a number of innovative patent-protected electric strikes and latches.
"Allegion's acquisition of FSH strengthens our position in Australia and adds new electronic technologies that will integrate well with our global product lines,” said Dave Petratis, chairman, president and CEO of Allegion. It's a great example of the innovative and opportunistic acquisitions we said we'd complete at our investor day in March."
"This transaction also shows our disciplined approach to M&A, focused on product expansion and increasing our presence in both emerging markets and technologies. We will continue to use our strong free cash flow to fund smart deals that ultimately enhance our growth and deliver value to our shareholders," Petratis said.
According to Trevor Mackle, managing director of FSH, the FSH team in Australia will be an excellent fit with Allegion and will bring to the security market a full range of innovative products, complemented FSH’s technical support and service.
"With its Australian-developed and internationally-patented Eco Range of locking devices, FSH has searched for a relationship to expose this new technology to world markets in a timely and orderly manner.” Said Mackle. “The acquisition of FSH by Allegion is an exciting development that realizes FSH's goal to be true global supplier of these products.
"The The FSH team will continue to provide ongoing research and development expertise and support, focused on developing innovative new products and continually developing the existing product range."
Allegion will run FSH out of the FSH headquarters in Sydney and will continue to sell product under the FSH brand. Trev Mackle will stay with Allegion for a transitional period. Allegion debuted in December 2013 as a standalone, publicly-traded company following the spinoff of the commercial and residential security businesses from Ingersoll Rand.