CHARLOTTE, N.C.--(BUSINESS WIRE)--
Carlisle Companies Incorporated (NYSE:CSL) today announced the signing
of a definitive agreement to sell Carlisle Transportation Products (CTP)
to American Industrial Partners of New York, NY, for cash at an
enterprise value of $375 million. The transaction is subject to
customary closing conditions, including regulatory clearances, and is
expected to close in the first quarter of 2014.
With 2012 sales of $778 million, CTP manufactures and distributes
bias-ply and radial tires, stamped and roll-formed steel wheels and tire
and wheel assemblies to non-automotive customers, and power transmission
belts and related components to industrial customers globally.
Carlisle announced on July 23, 2013, that it recorded a non-cash pre-tax
loss of $100 million at CTP for goodwill impairment during the second
quarter and engaged SunTrust Robinson Humphrey as a financial advisor to
assist in evaluating strategic alternatives for CTP.
David A. Roberts
, Carlisle’s Chairman, President and CEO, said “While we
believe the significant restructuring of CTP in recent years has
stabilized the business and provided a foundation for a favorable
outlook, the business is not core to Carlisle’s growth strategy nor
supportive of our long-term operating profit goals and expectations. The
sale of CTP is a major step in furtherance of Carlisle’s initiatives to
focus on and invest in higher-margin, faster growing businesses. I want
to thank the customers of CTP for their loyalty. As importantly, I also
want to thank the employees of CTP for their dedication and hard work
over the years to make CTP a world class industrial business.”
The Company will discuss the CTP sale transaction during its scheduled
third quarter 2013 earnings conference call on Tuesday, October 22 at
8:00 am Eastern.
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
statements are based on management’s current expectations and are
subject to uncertainty and changes in circumstances. Actual
results may differ materially from these expectations due to changes in
global economic, business, competitive, market and regulatory factors.
More detailed information about these factors is contained in the
Company’s filing with the Securities and Exchange Commission. The
Company undertakes no duty to update forward-looking statements.
About Carlisle Companies
Carlisle Companies Inc. is a global diversified company that designs,
manufactures and markets a wide range of products that serve a broad
range of niche markets including commercial roofing, energy,
agriculture, lawn and garden, mining and construction equipment,
aerospace and electronics, dining and food delivery, and healthcare.
Through our group of decentralized operating companies led by
entrepreneurial management teams we bring innovative product solutions
to solve the challenges our customers face. Our 11,000 employees
worldwide, who generated $3.6 billion in net sales in 2012, are focused
on continuously improving the value of the Carlisle brand by developing
the best products, insuring the highest quality and providing unequaled
customer service in the many industries we serve. Learn more about
Carlisle at www.carlisle.com.
Source: Carlisle Companies Incorporated