Allegion (ALLE) Stock News

Allegion (NYSE: ALLE), a global leader in security products, has announced the appointment of Stacy Cozad as Senior Vice President, General Counsel, and Corporate Secretary, effective August 5, 2024. Cozad succeeds Jeff Braun, who will retire on December 31, 2024. With nearly 30 years of experience, Cozad brings expertise in law, compliance, corporate communications, and cybersecurity. Previously, she served as EVP, General Counsel, and Corporate Secretary at Ingevity , managing $2 billion in 2023 revenue. John H. Stone, Allegion's CEO, highlighted Cozad's strategic problem-solving skills and dedication to core values, welcoming her to the executive leadership team to drive the company's growth and innovation.

Allegion has launched the Von Duprin 70 Series Exit Devices, providing high-quality security solutions at a mid-price point. Designed for multifamily, office, retail, warehouse, industrial, and hospitality spaces, the 70 Series is ANSI/BHMA Grade 1 certified, offering both panic and fire-rated options in wide and narrow stile configurations.

The devices feature a Quiet Electric Latch Retraction (QEL) option for noise-sensitive environments and quick shipping for urgent projects. The series boasts modern aesthetics, enhancing project designs with a blend of premium and mid-priced products. Von Duprin supports customers with comprehensive technical and compliance assistance.

Zentra, under the Allegion brand, has introduced a new feature allowing residents to add their keys to Apple Wallet, providing easy and secure access to multifamily buildings with iPhones or Apple Watches. This integration enables contactless entry to buildings, apartments, and common areas. Property owners and managers benefit from enhanced operational efficiency, with remote key management and issuance, reducing the need for physical keys. The feature utilizes Apple's security measures, ensuring data encryption and privacy. Demonstrations are available at Apartmentalize 2024 in Philadelphia. The solution currently supports various Schlage smart locks, with plans to expand compatibility later this year.

Allegion, a global security products provider, has acquired Unicel Architectural, a North American manufacturer of glass, timber, and aluminum building solutions. Based in Quebec, Unicel Architectural primarily operates in Canada and the U.S. and serves healthcare, education, and government facilities. The acquisition will integrate Unicel into Allegion Americas, enhancing Allegion's portfolio and specification capabilities. Senior Vice President Dave Ilardi emphasized that the acquisition will provide more comprehensive offerings. Unicel's Co-Presidents will join Allegion to ensure a smooth transition. The transaction terms were not disclosed.

Allegion (NYSE: ALLE), a global security solutions provider, announced the acquisition of Krieger Specialty Products, a leading U.S. manufacturer of high-performance doors and windows. Krieger, based in Los Angeles, serves industrial, commercial, and institutional markets with products like security, acoustical, and bullet-resistant doors and windows. This acquisition, led by Allegion Senior VP Dave Ilardi, aims to enhance Allegion's manufacturing capabilities and broaden its product portfolio. Krieger CEO Bob McCluney will stay on as an advisor. The financial terms were not disclosed.

Allegion (NYSE: ALLE) has introduced the Schlage XE360 Series Wireless Locks, tailored for the multifamily market. These new electronic locks offer modern styles and essential features at a competitive price. The XE360 series supports leading mobile credential technologies, such as MIFARE, Bluetooth, and NFC, providing secure and convenient access for residents. Designed for offline or No-Tour environments, these locks eliminate the need for property managers to physically update access rights. The XE360 Series integrates seamlessly with Schlage Control smart locks and various access control systems, allowing for a unified management solution across all building openings. The innovative FleX Module board ensures future-ready connectivity, enabling easy upgrades from offline to networked solutions as technology evolves.

Allegion (NYSE: ALLE) will participate in the 2024 KeyBanc Capital Markets Industrials & Basic Materials Conference. Senior Vice President and CFO Mike Wagnes will discuss the company's long-term strategy at the event. The conference is scheduled for Wednesday, May 29, at the InterContinental Hotel in Boston.

Allegion, a global security products and solutions provider, announced the pricing of $400 million of 5.600% senior unsecured notes due 2034 by its subsidiary, Allegion US Holding Company. The offering is expected to close on May 29, 2024, subject to customary closing conditions. The net proceeds will be used to repay $400 million of 3.200% senior notes maturing on October 1, 2024. BofA Securities, Citigroup Global Markets, and Wells Fargo Securities are among the joint book-running managers for the offering. The notes will be guaranteed by Allegion upon issuance.

Allegion (NYSE: ALLE) has extended and increased its senior unsecured revolving credit facility to $750 million from the previous $500 million. This new five-year facility, which remains unsecured and maintains investment-grade terms, enhances Allegion's liquidity. It allows for revolving loans, letters of credit, and swingline loans in USD, Euro, and GBP. The term loan facility, with $221.9 million outstanding as of March 31, 2024, remains unchanged and will mature on November 18, 2026. The commitment under the new facility will terminate on May 20, 2029, according to Mike Wagnes, Allegion's CFO.