Carlisle To Sell Carlisle Transportation Products For $375 Mln - Quick Facts

(RTTNews) - Diversified manufacturing company Carlisle Companies Inc. (CSL) announced Monday that it agreed to sell Carlisle Transportation Products or CTP to American Industrial Partners of New York, NY, for cash at an enterprise value of $375 million.

The transaction is subject to customary closing conditions, including regulatory clearances, and is expected to close in the first quarter of 2014.

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.

Carlisle announced in July 2013, that it recorded a non-cash pre-tax loss of $100 million at CTP for goodwill impairment during the second quarter and engaged SunTrust Robinson Humphrey as a financial advisor to assist in evaluating strategic alternatives for CTP.