Carlisle Companies Sells European Power Transmission to Megadyne.Business Editors CHARLOTTE, N.C.--(BUSINESS WIRE)--Jan. 9, 2003 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. ) sold its European power transmission belt business to Megadyne, a manufacturer of polyurethane transmission belts located in Mathi, Italy. The business had been part of the Dayco Power Transmission business acquired by Carlisle in August 2001. Total 2002 revenue for the divested business was $34.9 million. Rick 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, "The divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). of this breakeven business is consistent with our strategy of focusing on businesses that have or can achieve competitive advantage in addition to a leadership position in their markets. Carlisle's North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. power transmission belt business, Carlisle Power Transmission, continues to be an integral member of Carlisle's portfolio, well-positioned for market leadership, growth and positive cash flow." Terms of the transaction were not disclosed. Forward-Looking Statements The forward-looking statements contained in this press release are made based on known events and circumstances at the time of publication, and as such, are subject in the future to unforeseen risks and uncertainties. We refer you to our most recent Form 10-Q Form 10-Q See 10-Q. filed in November 2002, and in particular the discussion beginning on page 15 under the caption "Forward-Looking Statements," for important facts that may cause results to differ materially from the company's expectations. The company undertakes no duty to update forward-looking statements. Carlisle is a diversified global manufacturing company serving the transportation, construction, commercial roofing, automotive, pharmaceutical, foodservice, data transmission, and specialty tire and wheel industries. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion