Allegion plc, a global security products and solutions provider, has acquired Nova Hardware Pty Ltd, a leading architectural door hardware business in Australia.
Acquisition Details
- Allegion plc has acquired Nova Hardware Pty Ltd for an undisclosed sum.
- The acquisition is expected to enhance Allegion’s presence in the Australian market and provide opportunities for growth.
Strategic Rationale
The acquisition is seen as a commitment to investing in Allegion’s core business and delivering added value for channel partners, customers and shareholders.
Market Reaction
Allegion’s stock price has experienced a slight decline in recent trading sessions. However, the acquisition is likely to have a positive impact on the company’s long-term prospects.
Background
Allegion plc is a global security products and solutions provider. The company’s acquisition of Nova Hardware Pty Ltd is expected to strengthen its position in the Australian market and drive growth opportunities.