Following the close of the transaction, Milre is expected to operate within Allegion’s Asia Pacific region Allegion, plc, a leading global security products and solutions provider, has agreed, through its subsidiary Allegion Luxembourg Holding & Financing S.à r.l, to acquire Milre Systek Co., Ltd. The transaction is expected to close in the third quarter of this year. Milre is a leading security solutions manufacturer in South Korea, focused on producing high-quality and innovative electronic door locks. The Milre suite of products – sold across both retail and commercial distribution channels – includes mortise, rim and locker locks. Milre generated sales of approximately $13 million in 2014. Following the close of the transaction, Milre is expected to operate within Allegion’s Asia Pacific region. Allegion Senior Vice President and President of Asia Pacific William Yu said Milre has a strong, positive reputation that contributes to the company’s success, supporting Allegion’s growth in the region. “Digital door locks is a key product category for safety and security solutions globally – as well as for the Allegion portfolio. Leveraging Milre products and brand positioning in this space will build on Allegion’s presence in Asia – especially South Korea,” Yu said. “Additionally, Milre’s independent research and development capacity in electronic products will synergise with Allegion’s mechanical hardware expertise. It will be a strategic fit for Allegion to grow our leadership in electro-mechanical convergence in yet another geographic market.” Milre CEO Sang Ok Lee agreed, saying Allegion also offers the company strategic expansion options. “Joining Allegion gives Milre access to additional sales networks that can foster new growth opportunities for our business throughout Asia and around the world,” said Lee. “Most importantly, though, both companies value creating peace of mind for our customers. We’re excited to collaborate with Allegion on this shared passion.” Terms of the transaction were not disclosed.
Allegion will offer tailored products and service to the high-end residential developers in China Allegion, a leading global provider of security products and solutions, announced that Allegion Security Technologies (China) Co., Ltd., the subsidy of Allegion in China, has successfully signed a two-year strategic cooperation agreement with China Vanke Co. Ltd., which is the largest residential developer in the world. With the advantage of its global leading innovative technology, 100-year brands legacy and customer oriented product and services, Allegion finally won the project in the severe competition. The total estimated delivery value is several million US dollars. The big win of the signing of the strategic cooperation agreement, has proved Allegion’s capability of offering the tailored products and service to the high-end residential developers in China. According to the agreement, a large quantity of new houses developed in the following 2 years by Vanke, will be installed with Allegion’s Schlage FD Series China National Standard Anti-Burglary Mortise locks on its entrance door. Its lockcase has been certified with the Grade B of China Highest National Standard for mechanical anti-burglary locks, and its cylinder has been certified with the Grade B+, beyond Grade B of China Highest National Standard for mechanical anti-burglary locks. All key parts are made from 304 stainless-steel. Its life cycle reaches 200,000 (which meet EN standards, and beyond the life cycle requirements of Grade B of China Highest National Standards: 100,000). Schlage FD Series China National Standard Anti-Burglary Mortise locks are specially customised for the entrance doors of new houses developed by Vanke to improve Vanke community’s security and safety level and create a cozy and safe living environment for all Vanke house owners. Vanke is the first residential developers in China to reach the annual sales value of over hundred billion RMB, and now it is the largest residential developer in China and the world. In 2014, Vanke’s annual sales revenue is over US$ 36 Bn and the annual sold houses quantity is over 100,000. The co-operation with Allegion not only meets the needs on security from more and more home owners: at least the entrance door locks must be certified with Grade B of China Highest National Standard for mechanical anti-burglary locks, but also interprets Vanke’s principle of striving to create a cozy home and a safe community for owners with careful selection on the products for its new developed houses. Mr. Zhou Feng , National KA Leader, Allegion China, said, "During my 1st visit to Vanke, I found that as the largest residential developer in China, Vanke requires all entrance door locks are at least the Grade B of China Highest National Standard for mechanical anti-burglary locks with stable quality and long life cycle. And the bidding rivals are famous domestic and international lock manufacturers. Allegion won the bid with the integrated internal resources, quick reaction to customer’s needs and customised samples offering with high quality. It is one powerful proof on our service capacity meeting the high level residential developers, as well as the solid foundation for future strategic cooperation with more residential developers in China." Mr. William Yu, Senior Vice President and President of Asia Pacific, Allegion, commented, " Though Allegion owns many famous international brands with a great number of ANSI or EN standard products, how to meet China customers’ individualised demands is very critical to guarantee Allegion’s rapid business growth in China. By international R&D and manufacturing experience, we have confidence and capability to offer customised door hardware products and service for Vanke and other residential developers. Now we only tailored entrance door locks for Vanke, but we believe that in future Allegion China will co-operate with more developers via more product lines, such as electronic lock, interior door lock for each house, and the door closer and exit device for public area."
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