Charlotte, North Carolina -- Carlisle Companies said it has agreed to sell its Germany-based tunnel seals unit to Daetwyler Group. The unit being sold is the non-roofing and waterproofing unit of its German company, PDT Phoenix GmbH (â€œPDTâ€).
The business unit makes elastomer profiles for use in applications for tunnels, rail, windows and facades and was acquired as part of Carlisle's acquisition of PDT on August 1, 2011. Sales of the divested unit are approximately â‚¬35 million. Terms of the transaction were not disclosed. Carlisle will retain the roofing and waterproofing business as the European center for Carlisle Construction Materials.
The transaction is subject to customary closing conditions, including obtaining regulatory approvals, and is expected to close by January 2, 2012.
David A. Roberts, Carlisle's Chairman, President and CEO, said â€œThe sale of PDT's profiles and frames unit will allow us to focus our resources on our core European roofing and waterproofing business, which has continued to exhibit solid growth since our purchase in August. Under Datwyler, the customers and employees of PDT's profiles and frames unit will have a strategic owner with experience in the non-roofing sectors served by PDT. This is an excellent transaction for all parties.â€
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Press release from Carlisle