Allegion Closes on Sale of QMI

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03/04/2021 - 05:00 PM

Allegion plc (NYSE: ALLE), through one of its subsidiaries, has closed on the sale of its Qatar Metal Industries (QMI) business to the HLD Group of Companies, a private industrial portfolio of companies based in the UK.

Terms of the transaction, which closed on Feb. 28, 2021, are not disclosed. The divestiture of QMI – a commercial door manufacturer in the Middle East – was previously announced as a part of Allegion’s 2020 fourth-quarter, full-year earnings call and release.

About Allegion

Allegion (NYSE: ALLE) is a global pioneer in seamless access, with leading brands like CISA^®, Interflex^®, LCN^®, Schlage^®, SimonsVoss^® and Von Duprin^®. Focusing on security around the door and adjacent areas, Allegion secures people and assets with a range of solutions for homes, businesses, schools and institutions. Allegion had $2.7 billion in revenue in 2020, and its security products are sold around the world.

For more, visit www.allegion.com.