Carlisle Selling Transportation Unit For $375M
CHARLOTTE, N.C. (AP) -- Carlisle Cos. is selling its transportation division to American Industrial Partners for $375 million.
Carlisle, which makes construction materials, parts for vehicles and aircraft, wires and cables, equipment for the food industry and other products, said in July that it was exploring strategic options for the unit and hired SunTrust Robinson CTP to help with the process.
Carlisle Transportation Products makes and distributes bias-ply and radial tires, stamped and roll-formed steel wheels and tire and wheel assemblies to non-automotive customers. It also makes and distributes power transmission belts and related components to industrial customers worldwide.
"The business is not core to Carlisle's growth strategy nor supportive of our long-term operating profit goals and expectations," Chairman, President and CEO David Roberts said in a statement on Monday.
The sale is expected to close in 2014's first quarter. It still needs the appropriate regulatory clearances.
Carlisle is based in Charlotte, N.C.