By Saabira Chaudhuri
Ingersoll-Rand PLC (IR) said Quanex Building Products Corp. (NX)
outgoing Chief Executive David D. Petratis will serve as chairman
and CEO of Allegion, the security company that will be created from
the spinoff of its commercial and residential-security
businesses.
Mr. Petratis will begin work Aug. 5 and will head the new board
when Allegion becomes a standalone company, which is expected to
occur before year-end.
Mr. Petratis has served as chairman, president and CEO of
Houston-based Quanex--a maker of engineered materials and
components for building products--since July 2008.
"Dave has a deep understanding of global manufacturing
businesses, distribution, and channel marketing and management,"
Ingersoll Rand CEO Michael W. Lamach said in a statement.
On Monday, Quanex said Mr. Petratis had resigned and named board
member William C. Griffiths as its new chairman, president and
CEO.
Mr. Petratis also served as chief operating officer and then CEO
of Schneider Electric North America from 2003 to 2008. From 1994 to
2003, he served as president of MGE UPS Systems Americas.
Ingersoll-Rand late last year unveiled plans to spin off its
security businesses into a standalone company--part of a broader
compromise with Trian Fund Management LP. The remaining
Ingersoll-Rand will include the industrial, transport
refrigeration, and heating, ventilation and air-conditioning
businesses.
Allegion expects its shares to list on the New York Stock
Exchange under the symbol ALLE.
Write to Saabira Chaudhuri at saabira.chaudhuri@dowjones.com
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