Carlisle Companies Announces Plan to Exit the Automotive Business.CHARLOTTE, N.C. -- Carlisle Companies Incorporated (NYSE NYSE See: New York Stock Exchange :CSL (Computerese as a Second Language) Said of people who love to speak high-tech words even though they often use them erroneously. See TLA. 1. CSL - Computer Structure Language. A computer hardware description language, written in BCPL. ) announced today that it will exit the Company's automotive business, Carlisle Engineered Products. Carlisle will immediately account for the operations of the automotive business as part of its discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. and anticipates that it will record a 2004 fourth quarter non-cash loss, net of taxes, not to exceed $30 million. Richmond McKinnish, Carlisle's President & Chief Executive Officer, commented: "Exiting the automotive business is consistent with our commitment to allocate resources to those businesses where we 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." McKinnish also noted that the Company is raising its 2004 guidance for continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the to $3.65 to $3.72 per diluted share. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to changes in global economic, business, competitive, market and regulatory factors. More detailed information about these factors is contained in the Company's filings with the Securities and Exchange Commission. The Company undertakes no duty to update forward-looking statements. 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. |
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