Carlisle to Acquire Dayco Industrial Power Transmission Business.Business Editors CHARLOTTE, N.C.--(BUSINESS WIRE)--Aug. 13, 2001 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 has signed a definitive agreement to acquire the Dayco Industrial Power Transmission business of Mark IV Industries, Inc. for a purchase price of approximately $150 million, consisting of cash and assumption of certain long-term liabilities Long-Term Liabilities Recorded on the balance sheet, a company's liabilities for leases, bond repayments and other items due in more than one year. Notes: A company's long-term liabilities are accounted for by its debt obligations to other parties which last longer than and will be subject to post-closing balance sheet adjustments. The Dayco unit produces and sells transmission belts and accessories used by industrial customers to transfer power from motors and engines to motive and stationary drive systems. With annual sales of approximately $200 million, the company has 1,300 employees and operates from three manufacturing plants in the U.S. and from two plants in Europe. Rick McKinnish, President and Chief Executive Officer of Carlisle, said "The acquisition of Dayco's Industrial Power Transmission business is an excellent fit with Carlisle. This consistently profitable business brings a broad product offering, leadership in niche markets A niche market also known as a target market is a focused, targetable portion (subset) of a market sector. By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. in which Carlisle already participates, significant aftermarket Aftermarket See: Secondary market. aftermarket See secondary market. content and employs manufacturing processes which are the core of Carlisle's two largest business units." The transaction is expected to close in the next two weeks. Other terms of the transaction were not announced. Carlisle is a diversified diversified (di·verˑ·s manufacturer of products serving construction materials, industrial components, automotive components and general industry markets. |
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