Carlisle Companies Announces Plans to Sell Thirteen Businesses and Realign Operations.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 businesses of Carlisle Systems & Equipment which include Carlisle Process Systems and the Walker Group. The operations of Carlisle Process Systems comprise CPS (1) (Characters Per Second) The measurement of the speed of a serial printer or the speed of a data transfer between hardware devices or over a communications channel. CPS is equivalent to bytes per second. Scherping, CPS Damrow, CPS Evaporation evaporation, change of a liquid into vapor at any temperature below its boiling point. For example, water, when placed in a shallow open container exposed to air, gradually disappears, evaporating at a rate that depends on the amount of surface exposed, the humidity & Drying and CPS Service & Spares in the USA, and Carlisle Process Systems A/S, Carlisle Process Systems B.V., Carlisle Process Systems Ltd. and CPS Damrow DK in Europe. The Walker Group includes Walker Equipment Group, Walker Transportation and CPS Barrier in the USA, CPS Extract in Europe and Carlisle Shanghai in Asia. These operations have previously been reported in Carlisle's General Industry segment and contributed $0.19 per diluted share to results from 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 for the nine months ended September 30, 2005 on net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of approximately $164 million. For the year ended December 31, 2004, these operations contributed $0.25 per diluted share to results from continuing operations on net sales of approximately $228 million. These operations will be included in the Company's results from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. in the Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2005. Guidance for continuing operations for the full year 2005 has been revised to $3.95 to $4.05 per diluted share to reflect the intended sale of these businesses. Carlisle will utilize sale proceeds to invest in its core operations to support continued growth and provide a solid return on capital for its shareholders. The disposition of these operations and the related revision in the Company's guidance is consistent with Carlisle's stated objectives of maintaining a portfolio of companies that provide enhanced opportunities for strong margins, good cash flow and consistent financial performance. Additionally, Carlisle announced that it has reorganized its five operating segments into the following three segments, each of which report to a Group President, effectively immediately: Construction Materials - Group President: John Altmeyer --Carlisle SynTec --Versico --Carlisle Coatings and Waterproofing --Hunter Panels --EcoStar Industrial Components - Group President: Barry Littrell --Carlisle Tire & Wheel --Carlisle Power Transmission Diversified Components - Group President: Mike Popielec --Carlisle's braking businesses: --Carlisle Motion Control --Carlisle Industrial Brake & Friction --Kenro Products --Carlisle's specialty trailer and truck body businesses: --Trail King Industries --Johnson Truck Bodies --Carlisle's high-performance wire/cable business: --Tensolite --Carlisle's foodservice businesses: --Carlisle Foodservice Products --Carlisle Sanitary Maintenance Products Richmond McKinnish, Carlisle's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. commented, "This realignment re·a·lign tr.v. re·a·ligned, re·a·lign·ing, re·a·ligns 1. To put back into proper order or alignment. 2. To make new groupings of or working arrangements between. will drive a more focused Carlisle. The disposition of Carlisle Systems and Equipment will complete the portfolio transition that has been underway for the past three years. Streamlining our businesses into three major groups allows for more focus and greater senior management depth which will accelerate our improvement process. This restructuring will allow us to concentrate on our high performing businesses and ensure we achieve, maintain and grow sustainable competitive advantages in our markets. I am confident that John Altmeyer, Barry Littrell and Mike Popielec are the right management team members to lead these operations." 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. This press release contains forward-looking statements 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, heavy-haul truck trailer, foodservice and data transmission industries. |
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