Carlisle Companies Incorporated 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.
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