Carlisle Companies Inc. is combining its tire/wheel and power transmission belt businesses. Carlisle had announced plans to sell its transmission unit in 2008.
"We were close to selling the business to a strategic buyer late last year when our transaction was derailed by the financial crisis," says Carlisle Chairman, CEO and President David Roberts.
"During our extended sales process, we also considered retaining the belt business, which has remained profitable, and combining it with one of our other businesses." (Carlisle's power transmission unit has annual sales of $115 million.)
"Though we recently received an offer near book value, the decision was made to retain and combine the belt business with our tire and wheel business. These two businesses have similar manufacturing processes and share common customers."
The synergies Carlisle expects from the integration of the two units "will allow us to continue to move toward achieving our long-term goals."
