Established in 1980, TGP is a leading North American manufacturer of advanced fire-rated entrance and wall systems for institutions and non-residential buildings. Its product lines include fire-rated glass and frames for doors, entrances and wall systems – a natural extension of Allegion’s core product lines. TGP’s product brands include the FireLite® family of fire-rated ceramic glass, Pilkington Pyrostop® fire-rated wall panels, Fireframes® family of fire-rated frames and others.
“Bringing TGP – with a leading market position, as well as a solid record of innovation and integrity – into the Allegion family is exciting,” said David D. Petratis, chairman, president and CEO of Allegion. “TGP’s focus on institutional and non-residential projects provides a strong tie to Allegion’s core business – and, more importantly, TGP will leverage the strength of our existing specification writing capabilities to help accelerate growth. Our complementary solutions will also mutually expand our reach in North American and Middle Eastern markets.”
TGP is expected to operate within the Americas region. Current TGP President Jeff Razwick will continue to lead the business.
“I look forward to helping ensure a smooth integration as TGP joins Allegion,” said Razwick. “We’re happy to be part of a company that has a track record of operational excellence and is known for its demand generation capabilities. Our customers and distributors will benefit from access to the full range of Allegion specialty products, hollow metal doors and frames, in addition to our premium product offering.”
TGP generated approximately $80 million in net sales for the trailing 12 months ended Sept. 30, 2017. The transaction is expected to be accretive to earnings in 2018. Terms of the transaction were not disclosed.
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This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements that relate to the acquisition’s impact on the Company’s financial and operational performance, the acquisition’s ability to drive growth and the integration of the acquisition. These forward-looking statements are based on the Company's current available information and its current assumptions, expectations and projections about future events. They are subject to future events, risks and uncertainties - many of which are beyond the Company’s control - as well as potentially inaccurate assumptions, which could cause actual results to differ materially from those in the forward-looking statements. Further information on these factors and other risks that may affect the Company's business is included in filings it makes with the Securities and Exchange Commission from time to time, including its Form 10-K for the year ended Dec. 31, 2016, Form 10-Qs for the quarters ended March 31, 2017, June 30, 2017, and Sept. 30, 2017, and in its other SEC filings. The Company assumes no obligations to update these forward-looking statements.
About Allegion™
Allegion (NYSE: ALLE) is a global pioneer in safety and security, with leading brands like CISA®, Interflex®, LCN®, Schlage®, SimonsVoss® and Von Duprin®. Focusing on security around the door and adjacent areas, Allegion produces a range of solutions for homes, businesses, schools and other institutions. Allegion is a $2.2 billion company, with products sold in almost 130 countries.
For more, visit www.allegion.com.
