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Security products provider Allegion plc (NYSE:ALLE) has acquired Dorcas through one of its wholly owned subsidiaries for an unknown sum.
Dorcas is a manufacturer of electro-mechanical access control solutions and is based in Siete Aguas, Spain.
Dorcas specializes in the production of electric strikes, electro-mechanical and electro-magnetic locks, access control solutions and door control products.
Dorcas will operate as part of the Allegion International segment, led by Allegion Senior Vice President Tim Eckersley.
Dorcas CEO Pablo Ibáñez will join Allegion as managing director of the Dorcas business.
“Dorcas’ electric strikes and locks are integral elements of access control systems, and adding this business to Allegion International is another strategic investment in the health and quality of our portfolio,” said Allegion Senior Vice President Tim Eckersley.
Allegion held $468.1 million in cash and equivalents as of December 31, 2023.
Price Action: ALLE shares closed lower by 0.84% at $126.80 on Friday.
Posted In: ALLE
