DUBLIN - Allegion plc (NYSE: NYSE:ALLE), a prominent player in the global security products and solutions sector, has announced the acquisition of Dorcas, a Spanish manufacturer known for its electro-mechanical access control products. The transaction was completed by one of Allegion's wholly owned subsidiaries, extending its international footprint in the security market.
Dorcas, headquartered in Siete Aguas, Valencia, Spain, has established a strong European presence, particularly in the healthcare and education sectors. The company's product lineup includes electric strikes, electro-mechanical and electro-magnetic locks, alongside a suite of complementary access control and door control solutions.
The integration of Dorcas into Allegion's International segment is expected to enhance the company's portfolio and provide customers with a wider array of seamless access solutions. Tim Eckersley, Allegion Senior Vice President, emphasized the strategic nature of the acquisition, stating that the combined efforts of both teams will improve the specification and supply of access solutions across various channels.
To ensure a smooth transition, Dorcas CEO Pablo Ibáñez will take on the role of managing director within Allegion, overseeing the Dorcas business. Ibáñez expressed optimism about the acquisition, citing aligned company cultures and the potential for accelerated growth and new market opportunities.
Financial details surrounding the acquisition have not been disclosed.
Allegion, known for its innovative approach to seamless access, reported a revenue of $3.7 billion in 2023. The company's portfolio includes recognized brands such as CISA®, Interflex®, LCN®, Schlage®, SimonsVoss®, and Von Duprin®, with products sold globally.
The acquisition of Dorcas is part of Allegion's ongoing strategy to expand its presence and capabilities in the security solutions market. The company has not provided any forward-looking statements regarding the expected financial impact of the acquisition, emphasizing that such projections are subject to various risks and uncertainties.
This news article is based on a press release statement from Allegion plc.
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