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Carlisle Companies Report Organic Growth of 8.6% in 2Q

Carlisle Companies Inc., Charlotte, NC, (NYSE:CSL) reported sales from continuing operations of $709.4 million for the quarter ended June 30, 2010, an 11 percent increase from sales of $636.7 million in the second quarter of 2009.

The Interconnect Technologies segment’s acquisitions of Jerrik and Electronic Cable Specialists (ECS) and the Engineered Transportation Solutions segment’s acquisition of Japan Power Brake contributed $15.7 million in sales, or 2.5 percent, in the second quarter of 2010.

Organic sales increased by 8.6 percent from the same quarter in the prior year, with sales growth primarily in the Construction Materials, Engineered Transportation Solutions and Interconnect Technologies segments.

Construction Materials segment saw a 10 percent sales increase to $345.8 million over the same period in 2009. Primarily driven by higher demand for re-roofing, sales increased in all product lines with the exception of the Insulfoam product line. The decline in Insulfoam sales reflected the lower demand for new residential construction.

This segment was challenged by higher raw material costs.

Engineered Transportation Solutions segment sales were $218.2 million, up 10 percent from the prior-year period. Sales from the acquisition of Japan Power Brake contributed $2.1 million to sales in the second quarter. The segment achieved organic sales growth of 53 percent and 24 percnet in its heavy duty brake and friction, and power transmission product lines, respectively.

Growth in the outdoor power equipment market was offset by declines in agriculture, construction and power sports markets.

Interconnect Technologies sales were up 60 percent to $62.4 million in the second quarter. The acquisitions of Jerrik and ECS contributed $13.6 million, or 35 percent, to sales in the second quarter 2010. Organic sales increased by 25 percent in the second quarter of 2010, primarily due to growth within the aerospace market of 32 percent and in particular, increased sales from the Boeing 787 program. Sales in the test and measurement market, which had been experiencing declines in previous quarters, were relatively flat during the second quarter of 2010.

Foodservice Products sales declined 4.2 percent to $61.3 million compared to sales of $64 million in the prior-year period. The decline in sales was primarily due to reduced demand in the foodservice product line.

Specialty Products segment sales of $21.7 million were up slightly from sales of $21.4 million. Sales volume improved on increased demand within the specialized and material hauling trailer market, offset by lower selling prices as compared to the second quarter of the prior year.

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