CHARLOTTE, N.C. (Jan. 7)—Carlisle Companies Inc. is looking to sell its Carlisle Engineered Products automotive supply business in order to focus more resources on its core businesses, according to Carlisle President and CEO Richmond McKinnish.
The engineered products business generates more than $200 million in sales annually, operating 10 plants around the world making molded plastics and rubber products. In fiscal 2003 it was $4.2 million in the black on an operating basis.
"Exiting the automotive business is consistent with our commitment to allocate resources to those businesses where we can create a sustainable competitive advantage," McKinnish said in a prepared statement. "The dispositionàwill enable us to focus on executing our strategy of growing Carlisle's core business units."
Carlisle will list the business in its year-end accounts as part of its discontinued operations and anticipates taking a non-cash loss in the fourth quarter of not more than $30 million.