Carlisle Companies Inc. said Monday that it purchased a Germany company that makes roofing supplies.
Carlisle said it paid 80 million euros, or about $115 million by current currency rates, for PDT Phoenix GmbH. The German company makes materials used for building and waterproofing roofs, which Carlisle called a "growing market" in Europe. PDT has about 270 employees.
Carlisle, based in Charlotte, N.C., has 11,000 employees worldwide and sells materials used in commercial roofing, agriculture, health care, mining and other industries. Its purchase of PDT is another sign of U.S. companies turning to overseas markets to make up for anemic growth in the U.S. However, many companies have been bypassing Europe for emerging markets like China, Brazil and India.
In December, Carlisle bought Hawk Corp., which manufactures parts for brakes, clutches and transmissions in planes, trucks, mining equipment and other vehicles. Carlisle said then that the purchase would allow it to take advantage of emerging markets.