Carlisle Companies Incorporated is selling its Transportation Products (CTP) to American Industrial Partners of New York for US$375 million.
According to Carlisle, the transaction is subject to customary closing conditions, including regulatory clearances, and is expected to close in the first quarter of 2014.
Carlisle announced on July 23, 2013, that it recorded a non-cash pre-tax loss of US$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.
With 2012 sales of us$778 million, CTP manufactures and distributes bias-ply and radial tYres, 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.