Allegion to Acquire Commercial Door Manufacturer QMI
November 27 2017 - 8:00AM
Business Wire
Strategic expansion expected to accelerate
growth in EMEIA region
Allegion, plc (NYSE: ALLE), a leading global security products
and solutions provider, has agreed to acquire Qatar Metal
Industries (QMI) through one of its subsidiaries. The transaction
is expected to close in the first quarter of 2018, subject to
regulatory approvals.
Headquartered in the United Arab Emirates, QMI is one of the
Middle East’s largest manufacturers of commercial steel and wood
doors and frames. This product offering is closely aligned with
Allegion’s core business and specification capabilities, and it
provides customers with full-door solutions in the Middle East,
including options for pre-installed door sets that are code
compliant across multiple markets.
“In EMEIA, we continue to expand through a focus on creating the
best possible customer experience with a full suite of security
solutions and services,” said Lucia Veiga Moretti, Allegion senior
vice president and president of EMEIA. “With QMI, we’re further
expanding our code-compliant products to include doors in the
Middle Eastern market, while leveraging the strength of our
existing specification writing capabilities and adding strong
relationships across new build and aftermarket environments. All of
this supports our strategy to accelerate Allegion’s growth in this
fast growing region and EMEIA as a whole.”
QMI generated approximately $24 million in net sales for the
trailing 12 months ended Sept. 30, 2017. The business will operate
in Allegion’s EMEIA region.
“Like Allegion, QMI prioritizes the customer experience through
continuous improvements to operating efficiency and quality, as
well as a commitment to Lean processes,” said Riad Welly, QMI
co-founder. “We’re excited to have QMI products offered as a key
part of Allegion’s full-door solution for end users, specifiers and
customers in the Middle East.”
Terms of the transaction were not disclosed.
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995, including, but not limited to, statements that relate to the
acquisition’s impact on the Company’s financial and operational
performance, the acquisition’s ability to drive growth and the
integration of the acquisition. These forward-looking statements
are based on the Company's current available information and its
current assumptions, expectations and projections about future
events. They are subject to future events, risks and
uncertainties - many of which are beyond the Company’s
control - as well as potentially inaccurate assumptions,
which 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 Dec. 31, 2016, Form 10-Qs for the quarters ended March 31,
2017, June 30, 2017, and Sept. 30, 2017, and in its other SEC
filings. The Company assumes no obligations to update these
forward-looking statements.
About Allegion™
Allegion (NYSE: ALLE) is a global pioneer in safety and
security, with leading brands like CISA®, Interflex®, LCN®,
Schlage®, SimonsVoss® 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 $2.2 billion company, with products sold in almost
130 countries.
For more, visit www.allegion.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20171127005065/en/
Allegion, plcMediaMaria Pia Tamburri,
317-810-3399Director, Public
AffairsMaria.Tamburri@allegion.comorAnalystsMike Wagnes,
317-810-3494Vice President, Treasurer and Investor
RelationsMichael.Wagnes@allegion.com
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