Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowSecurity-products maker Allegion Plc said it plans to streamline the company and costs—a restructuring that will result in more than $30 million in charges but won’t affect Indianapolis-area operations.
Dublin-based Allegion, which has its North American headquarters in Carmel, makes a variety of locks and other entryway security devices under brand names including Von Duprin, Schlage and CISA. The company has 11,000 employees overall with more than 1,300 working in central Indiana.
In a public filing Friday, the company announced that it has “committed to certain strategic restructuring initiatives to be implemented across several businesses and function outside of the United States. These initiatives are intended to optimize and simplify the company’s non-U.S. operations and cost structure.”
The announcement did not detail those initiatives, but Allegion said it expects to incur between $20 million and $22 million in costs related to employee-termination benefits, $4 million to $6 million in contract-termination costs and $6 million to $8 million in other costs.
Most of the actions will be complete this year, the company said, with all of them complete by the end of 2021.
Allegion’s operations include 32 production and assembly facilities in the U.S., Mexico, Canada, Europe, the Middle East, Asia,Australia and New Zealand.
Please enable JavaScript to view this content.
