CHARLOTTE, N.C.—Carlisle Companies Inc. has completed the sale of its Carlisle Transportation Products business to American Industrial Partners for $375 million. The CTP unit includes Carlisle's specialty tire and wheel business, along with its power transmission belting operations.
American Industrial Partners is a middle-market private equity firm specializing in North American-based industrial businesses. In business since 1989, New York-based AIP manages a portfolio of more than $1 billion in committed capital. Its current holdings include Allied Specialty Vehicles and Heil Trailer International Co.
Carlisle said it wants to focus on its other businesses. Earlier last year it recorded a non-cash pre-tax loss of $100 million at CTP for goodwill impairment during the second quarter.
CTP reported 2012 sales of $778 million and $52.4 million in operating income (6.8 percent of sales). The tire and wheel business represented an estimated $375 million to $400 million of that total. It 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. It manufactures tires at plants in Clinton and Jackson, Tenn., and Meiyan, China. The business will continue to offer products under the Carlisle brand name.