Carlisle to buy Dayco Industrial Power Transmission

CHARLOTTE, N.C. (Aug. 14)—Carlisle Cos. Inc. signed a definitive agreement Aug. 13 to acquire the Dayco Industrial Power Transmission business of Mark IV Industries Inc. for a purchase price of about $150 million, consisting of cash and the assumption of certain long-term liabilities, a Carlisle release stated. The Dayco unit, which has been for sale since June 12, is an excellent fit for Carlisle, said President and CEO Rick McKinnish. "This consistently profitable business brings a broad product offering, leadership in niche markets in which Carlisle already participates, significant aftermarket content and employs manufacturing processes which are the core of Carlisle's two largest business units." Carlisle serves the construction, industrial, automotive and general industry markets. The Dayco unit produces and sells transmission belts and accessories used to transfer power from motors and engines to motive and stationary drive systems. According to Carlisle, the Dayco unit has sales of about $200 million with 1,300 employees at manufacturing plants in the U.S. and Europe. The transaction is expected to close in the next two weeks, the company said.