Carlisle to fold Chinese acquisition into tire and wheel subsidiary
Carlisle Companies Inc., which owns Carlisle Tire & Wheel Co., has agreed to acquire the assets of Meiyan Tire Group of Guangdong, China.
Carlisle plans to make Meiyan part of Carlisle Tire & Wheel, which is based in Aiken, S.C.
"The acquisition is subject to local regulatory approvals and customary closing conditions and is expected to close before March 31, 2007," say Carlisle officials.
Richmond McKinnish, Carlisle's CEO and president, says his company "is excited about this strategic addition to Carlisle's manufacturing capabilities in China.
"This acquisition enables Carlisle Tire & Wheel to internalize production of their current lines of bias and steel-belted radial trailer tires."
The deal also "will provide enhanced manufacturing for larger tires for the agricultural and construction markets, a key growth platform for our Industrial Components segment."