logo
Share SHARE
FONT-SIZE Plus   Neg

Carlisle To Sell Transportation Products Unit For $375 Mln - Update

Diversified manufacturing company Carlisle Companies Inc. (CSL) Monday announced that it has signed a definitive agreement to sell Carlisle Transportation Products or CTP business segment to private equity firm American Industrial Partners of New York for cash at an enterprise value of $375 million.

It was on July 23, that Carlisle engaged SunTrust Robinson Humphrey as a financial advisor to assist in evaluating strategic alternatives for CTP. During the second quarter, Carlisle recorded a non-cash pre-tax loss of $100 million at CTP for goodwill impairment.

David 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."

CTP makes 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. CTP had sales of $778 million in 2012.

The transaction is expected to close in the first quarter of 2014, subject to customary closing conditions, including regulatory clearances.

CSL closed Friday's regular trading at $72.04 on the NYSE.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Oreo, the popular two chocolate wafers with a sweet crème filling in between has now got a new look. With about half the width of the regular Oreo, the new Oreo Thins will be thinner and slightly reduced in calorie. It will be available from July 13 with no change in its cookie taste and price tag. The Justice Department has initiated a probe to find out if airlines are colluding to limit seating capacity in order to benefit from higher airfares. Saudi Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud has pledged to give away his entire wealth amounting to $32 billion for charity. He said the fund will be utilized for cultural understanding, develop communities, empower women, enable youth, provide vital disaster relief and create a more tolerant and accepting world.
comments powered by Disqus
RELATED NEWS
Trade CSL now with 
Follow RTT