Charlotte, North Carolina--Carlisle Companies Inc. has announced that it had signed a definitive agreement on July 15, 2005, to acquire 100% of the heavy-duty brake lining and brake shoe assets of Zhejiang Kete located in Hangzhou, China for approximately $36.0 million. Kete will be under the management direction of Carlisle Motion Control which is included in the Specialty Products segment.
Richmond McKinnish, Carlisle's President and Chief Executive Officer commented, "The acquisition of Kete offers a focused position in heavy-duty truck friction and shoe manufacturing in a modern facility with low labor costs. This investment will significantly enhance Carlisle Motion Control's ability to service its customers in the heavy-duty truck brake lining market."
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Press releasefrom Carlisle