CHARLOTTE, N.C. (Jan. 2, 2014) — Carlisle Companies Inc. has completed the sale of Carlisle Transportation Products (CTP) to private equity firm American Industrial Partners of New York (AIP) for cash at an enterprise value of $375 million.
In the buyout deal, announced in October, Carlisle cuts its historic roots in the tire business. The company was founded in 1917 in Carlisle, Pa., as an inner tube producer. Carlisle said it wants to focus on its other businesses. Earlier last year it recorded a non-cash pre-tax loss of $100 million at CTP for goodwill impairment during the second quarter.
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. It manufactures tires at plants in Clinton and Jackson, Tenn., and Meiyan, China.
In business since 1989, AIP manages a portfolio totaling more than $1 billion in committed capital. Its holdings include Allied Specialty Vehicles and Heil Trailer International Co.
When the deal was reported, AIP did not elaborate on its reasons for wanting to buy CTP or its plans for the business, which reported 2012 sales of $778 million.