Sale of Carlisle Transportation Products completed
On 31 December, Carlisle Companies Incorporated announced it had completed the cash sale of Carlisle Transportation Products to American Industrial Partners at an enterprise value of US$375 million.
Carlisle first indicated its desire to divest its tyre and wheel business in July 2013 after Carlisle Transportation Products recorded a non-cash pre-tax loss of $100 million for goodwill impairment in the second quarter of the year. The company engaged SunTrust Robinson Humphrey as a financial advisor to assist in evaluating strategic alternatives for Carlisle Transportation Products, and in October the business’ sale to American Industrial Partners was announced.
The business produces cross-ply and radial tyres, stamped and roll-formed steel wheels and tyre and wheel assemblies to non-automotive customers, along with power transmission belts and related components to industrial customers. In 2012 it achieved sales of $778 million.