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Carlisle Companies Inc. (NYSE: CSL), Charlotte, NC, has agreed to sell Carlisle Transportation Products to American Industrial Partners of New York, NY, for $375 million.
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.
David A. Roberts, Carlisle’s 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.”
The transaction is expected to close in the first quarter of 2014.