Ingersoll Rand Spins Off Security - Allegion

Author: Brian Rhodes, Published on Dec 10, 2012

Multinational conglomerate Ingersoll Rand stunningly announced plans to spin off its multi billion dollar security business, including its flagship security brand Schlage. In this note, we examine the details of the plan, the motivation behind it, compare to Schneider, UTC and Honeywell plus discuss what happens next.

************* ********************* ************** ********* ***** ****** *** *** ***** ******* ****** ******** ********, ********* *** ******** ******** ***** *******. ** **** ****, we ******* *** ******* ** *** ****, *** ********** ****** it, ******* ** *********, *** *** ********* **** ******* **** happens ****.

[***************]

Spinoff *******

********** ***** ******** **** ***** **** ******** *** ***************** *****, ********* ****'* ***** ***** ** ***** *** *** *******'* "Security" ******** ****. ***** "********" *********** *** *******'* ******** *****-***** business ****, ** ***** ***** ** *** **** ******** *** physical ******** *******. *** ****** ************ ***** **'* ******** **** include:

*** ******** ******** ***** ** $*.*-$*.** ** ****** ********. *** ******* *** ****** ** ******* *** ****-*** ** be ********* ** ***** * ****.

*** ******* ***** ******* ******** ********* ************* *** *****/*******:

ir split

****'* **** ** ******** *** ******** ********/**** *** ** **** like:

ir security spin off

***** ******** ****** ********** ***** ** *** ******** - *** example, ******* ******** **** *** ********* ******* ******** ** ********** **********- *** ********* **** *** ** ** ****** ******* ****** business ** ******** ** *** ******** ******.

Debt ******

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********

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"Analysts *** *** ******** **** *********** ********* *** *******, noting the company's stock price adequately reflects the value of the company's parts. They estimate the price of new security company's stock at about $10 a share, with the remaining parts of Ingersoll worth about $40 a share.

"*********-**** ** *** ********* ** ** ** * ********* [*** breakup]," **** ***** ****, * *****-******** ******* *** **** ********** Research. "** * ***-**-***-***** *****,there's ** ***** **** **** ** ** ********."

"** **** *** **** ** * *** ***** [**********], *********** *** ******** ...***** ****** *****," ***** **** *******, ** ******* *** ******** ******** ********, which ******* *** ****** ** ********* ** **** **** **** on ****** **** * $** ****** *****."

***** *** ***** ******'* **** ** *** ************* ** ********, *** **** ** ******** ** ***** ********** in **'* ***** ******** *****. ***** ********* ********* *********** ********* and ************ *********. *******, *** ************ *** *** ********* ** strongly ** *** ****** ** ****** ********, ***** **** ********* to *** ********* ** *** ******.

What's ****?

*** ********* ****** *** ** ******** ** **** ** *** now ***** ** *** *** ***** *** ***** ****** ********, rather **** ***** **** ** * *******, **** ************ ************. This ***** **** **** **** ****** ********* *** ** **** aggressive ***** ******** ******** ******* *********** *** *********.

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Other *************

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**********, *** ***** *** *********** ***** ***** *************, **** ** a **** ** *** ******** *********.

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