Allegion Buys Schlage Lock De Colombia

(RTTNews) - Allegion plc (ALLE) said Wednesday that it has acquired certain assets of Schlage Lock de Colombia S.A., the second largest mechanical lock manufacturer in Colombia with revenues of about US$12 million.

The acquisition of certain assets of the privately-owned company, which has distribution in other South and Central American countries, will enable Allegion to leverage its branded residential and commercial product lines to grow its presence in the Spanish-speaking South American security market.

Allegion will operate a 45,000-square-foot integrated plant in Bogota, Colombia and will continue to sell product under the Schlage brand, as well as Schlage Lock de Colombia's Inafer and Segurex brands.

Schlage Lock de Colombia owner, Alejandro Urdaneta Santos, will remain with the business as general manager, Allegion Colombia. The company has about 350 employees.