Carlisle Cos. Inc. (NYSE:CSL), Scottsdale, Arizona, has sold off its Carlisle Brake & Friction (CBF) division to CentroMotion in a deal worth up to $375 million. The deal is subject to customary closing conditions, including regulatory clearances, and is expected to close in the third quarter of 2021.
CBF makes brake and friction solutions for off-highway vehicle markets, including construction, mining, agriculture and aerospace. The CBF segment reported $275.3 million of revenue in 2020
Waukesha, Wisconsin-based CentroMotion is a manufacturer of motion, actuation and control solutions for the agriculture, specialty and commercial vehicle, construction and industrial end markets. CentroMotion is a portfolio company of One Rock Capital Partners, LLC.
“The divestiture of Brake & Friction is consistent with our Vision 2025 strategy to simplify our portfolio, which, we believe, will deliver better returns for our shareholders,” said Carlisle Chairman, President and Chief Executive Officer Chris Koch. “As we enter a post-COVID-19 world, this transaction also aligns with Carlisle’s pivot to focusing on expansion of our building products segment.
“We believe the sale to CentroMotion is an excellent opportunity for Brake & Friction to optimize its long-term growth and profitability, leveraging an industry leading platform focused on critical applications for off-highway vehicle and industrial markets.”