Security

Allegion Access Control Business & Growth Strategy Examined

In this Research Note, we examine Allegion plc, a leading pure-play provider of security and access control solutions. Our analysis is based on their 2022 annual results, 2023 Investor & Analyst Day presentations, corporate venture capital investments and recent activities. Allegion, a US public company, headquartered in Ireland is the standalone business formed in 2013 from the former commercial and residential security businesses of Ingersoll Rand. The group is predominantly focused on mechanical security products and systems, which are currently undergoing digital transformation in their core access control, door and locking systems businesses. Allegion reports approximately 12,300 employees worldwide. Full-year 2022 net revenues of $3.27 billion increased 14.1%, compared with the prior year (up 10.7% on an organic basis). The Access Technologies acquisition contributed 6.5% to total growth. The organic revenue increase was primarily driven by strong prices across all regions as well as volume growth in Americas non-residential, offset by pressures on residential in […]

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