Charlotte, North Carolina -- Carlisle Companies Inc. has announced that the Company 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. This transaction did not include the sale of trade accounts receivable 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 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."
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Press release from Carlisle