Ingersoll-Rand confirmed that it will, in 2013, spin off its Security Technology unit, which includes many of the top brands Anderson Lock represents: Schlage Commercial and Residential Door Hardware, LCN Door Closers, Von Duprin Exit Hardware, Steelcraft doors and frames, Falcon locks, Ives hinges and door accessory hardware, and Glynn-Johnson overhead stops and holders. In its press release, IR stated the newly created company will have annualized revenue of approximately $2 billion, on a pro-forma basis, based on 2011 revenues.
Anderson Lock President, Cortney Wascher, doesn’t believe the ownership change will impact any of our relationships with any of the security technology companies.