Carlisle Companies Sells Assets of 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 the Company has sold substantially all of the operations of its automotive business on August 17, 2005 to The Reserve Group of Akron, Ohio. The Company estimates it will record an additional after-tax loss on the disposition of these assets in the amount of approximately $9 million. These losses 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. . This transaction did not include the sale of trade accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying dated prior to the effective date of the sale. Also excluded were certain assets from two small plants. 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, "We are pleased to be completing Carlisle's exit from the automotive business. This will allow us to focus on our core businesses where we can maintain and grow our market leadership, and thereby allocate capital to those businesses that generate higher returns for our shareholders." Forward-Looking Statements 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, foodservice, data transmission and process systems industries. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion