Carlisle sells European belt unit to Italy's Megadyne

CHARLOTTE, N.C. (Jan. 13)—Carlisle Cos. Inc. has sold its European power transmission belt business to Megadyne S.R.L., a Mathi, Italy-based maker of polyurethane transmission belts. Terms of the deal were not disclosed but the European unit posted $35 million in sales last year. "The divestiture of this break-even business is consistent with our strategy of focusing on businesses that have or can achieve competitive advantage in addition to a leadership position in their markets," Rick McKinnish, Carlisle president and CEO, said in a 9 Jan statement. Megadyne has production facilities in Mathi; Saint Andre, France; and Pineville, N.C. Charlotte-based Carlisle obtained the belting unit as part of its August 2001 acquisition of the Dayco Power Transmission business from Mark IV Industries Inc. The U.S. firm will, however, retain its North American power transmission belt business, Carlisle Power Transmission, which, it said, is an "integral" part portfolio.