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 approximately 350 employees.

Allegion has previously emphasised its commitment to deploy capital to enhance shareholder value, and grow through acquisitions in emerging markets that expand distribution, enhance its product portfolio and provide new technologies.

“Schlage Lock de Colombia has a long history as a market leading provider of branded security products, and we are proud to bring its strong legacy of customer service and employee dedication to the Allegion family," said Dave Petratis, chairman, president and CEO of Allegion.

“This transaction is an excellent first step in implementing our growth strategy," continued Petratis. “Colombia has the third largest population and the fourth largest economy in Latin America. We will continue using our strong free cash flow to fund strategic acquisitions."

Allegion debuted in December 2013 as a standalone, publicly-traded company following the spinoff of the commercial and residential security businesses from Ingersoll Rand. Allegion, a constituent of the S&P 500, trades on the New York Stock Exchange under the symbol ALLE.