CHARLOTTE, N.C. (July 21, 2011)—Carlisle Companies Inc. has entered into an agreement to acquire PDT Phoenix GmbH for about $113 million.
The purchase agreement calls for contingent payments based upon PDT's future earnings, roofing manufacturer Carlisle said in a statement.
PDT is a leading manufacturer of EPDM-based roofing membranes and industrial components serving key European markets, according to the statement. With annual sales of about $113 million, PDT has 273 employees and operates facilities in Hamburg and Waltershausen, Germany.
The business will operate within Carlisle's Construction Materials segment. Carlisle is a global diversified company that designs, makes and markets a wide range of products that serve a broad range of niche markets from commercial roofing, agriculture, construction, aerospace and electronics.
PDT's products serve the growing niche-oriented market for single-ply roofing and waterproofing membrane solutions within Europe. The German company also makes elastomer profiles for use in applications for tunnels, rail, windows and facades.
“The acquisition of PDT gives our (Construction Materials) business an excellent platform to serve the single-ply roofing material market in Europe, which has solid long-term growth potential,” said Carlisle CEO David Roberts.
The transaction is subject to customary closing conditions, including regulatory approval in Germany, and is expected to close by Aug. 15.