Allegion Closes on Sale of QMI
Allegion plc (NYSE: ALLE) has successfully completed the sale of its Qatar Metal Industries (QMI) business to HLD Group of Companies on February 28, 2021. The terms of the transaction remain undisclosed. This divestiture, part of Allegion's strategic focus, was initially announced during the company's fourth-quarter earnings call for 2020. Allegion is a leading provider of security solutions with a revenue of $2.7 billion in 2020, showcasing its commitment to securing homes, businesses, and institutions globally.
- Completion of QMI divestiture aligns with Allegion's strategic focus.
- Strengthens Allegion's position in the global security market.
- None.
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
For more, visit www.allegion.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210304005969/en/
FAQ
What recent transaction did Allegion plc close regarding Qatar Metal Industries?
What is the financial impact of Allegion's sale of Qatar Metal Industries?
How much revenue did Allegion generate in 2020?
What is Allegion's primary focus as a company?
