CHARLOTTE, NC — Carlisle Companies Inc. has announced it will exit the automotive business, which it currently serves through its Carlisle Engineered Products division. Carlisle is a diversified global manufacturing company serving the construction materials, commercial roofing, specialty tire and wheel, power transmission, heavy-duty brake and friction, foodservice, data transmission and process systems.
Carlisle will immediately account for the operations of the automotive business as part of its discontinued operations and anticipates it will record a 2004 fourth quarter non-cash loss, net of taxes, not to exceed $30 million. The company did not specify any details regarding a possible sale of its automotive division. Attempts to reach the company for more information were not returned as of press time.
Richmond McKinnish, Carlisle’s president and CEO, said exiting the automotive business is consistent with the company’s plans to allocate resources to those businesses where it can create a sustainable competitive advantage. “The disposition of Carlisle Engineered Products will enable us to focus on executing our strategy of growing Carlisle’s core business units,” said McKinnish.
In related news, the company is raising its 2004 guidance for continuing operations to $3.65 to $3.72 per diluted share.
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