Carlisle Companies Inc. is selling Carlisle Transportation Products (CTP) to American Industrial Partners (AIP) of New York, N.Y., for $375 million in cash.
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. The tire division had 2012 sales of $778 million.
Carlisle’s tire division is not a part of the company’s growth strategy, according to David Roberts, Carlisle’s chairman, president and CEO.
AIP is a middle market private equity firm that invests in North American industrial businesses serving domestic and global markets.
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Source Modern Tire Dealer