Carlisle Companies Receives $125 Million Earn-Out Payment

Rhea-AI Summary

Carlisle Companies (NYSE:CSL) has announced the receipt of $125 million in cash from CentroMotion, related to the post-closing earn-out following the sale of Carlisle Brake and Friction (CBF) on August 2, 2021. This complete payment is expected to bolster Carlisle's focus on expanding its building products segment. CEO Chris Koch expressed satisfaction with the transaction, highlighting its benefits for both Carlisle and CentroMotion in the industrial market.

Positive

• Received $125 million in cash from CentroMotion, enhancing liquidity.
• Strengthened focus on expanding the building products segment post-sale of CBF.

Negative

• None.

SCOTTSDALE, Ariz.--(BUSINESS WIRE)-- Carlisle Companies Incorporated (NYSE:CSL) today announced that it has received $125 million in cash from CentroMotion of Waukesha, Wisconsin in payment of the full amount of the post-closing earn-out in connection with Carlisle’s sale of Carlisle Brake and Friction (CBF) to CentroMotion on August 2, 2021.

Chris Koch, Chairman, President & Chief Executive Officer said, “We are pleased to have received the full remainder of the proceeds from our sale of CBF. The sale of CBF furthered Carlisle’s pivot to focusing on expansion of our building products segment and provides CentroMotion an industry-leading platform in the off-highway vehicle and industrial markets.”

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally use words such as “expect,” “foresee,” “anticipate,” “believe,” “project,” “should,” “estimate,” “will,” “plans,” “forecast,” and similar expressions, and reflect our expectations concerning the future. It is possible that our future performance may differ materially from current expectations expressed in these forward-looking statements, due to a variety of factors such as: risks from the global COVID-19 pandemic including, for example, expectations regarding the impact of the COVID-19 pandemic on our businesses, including on customer demand, supply chains and distribution systems, production, our ability to maintain appropriate labor levels, our ability to ship products to our customers, our future results or our full-year financial outlook, increasing price and product/service competition by foreign and domestic competitors, including new entrants; technological developments and changes; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; our mix of products/services; increases in raw material costs which cannot be recovered in product pricing; domestic and foreign governmental and public policy changes including environmental and industry regulations; threats associated with and efforts to combat terrorism; protection and validity of patent and other intellectual property rights; the successful identification, completion and integration of our strategic acquisitions; the successful completion of strategic dispositions; the cyclical nature of our businesses; the impact of information technology, cybersecurity or data security breaches at our businesses or third parties; and the outcome of pending and future litigation and governmental proceedings. In addition, such statements could be affected by general industry and market conditions and growth rates, the condition of the financial and credit markets, and general domestic and international economic conditions including interest rate and currency exchange rate fluctuations. Further, any conflict in the international arena may adversely affect general market conditions and our future performance. We refer you to the documents we file from time to time with the Securities and Exchange Commission, such as our reports on Form 10-K, Form 10-Q and Form 8-K, for a discussion of these and other risks and uncertainties that could cause our actual results to differ materially from our current expectations and from the forward-looking statements contained in this press release. We undertake no obligation to update any forward-looking statement.

About Carlisle Companies Incorporated

Carlisle Companies Incorporated is a leading supplier of innovative Building Envelope products and energy-efficient solutions for customers creating sustainable buildings of the future. Through its construction materials businesses (CCM and CWT) and family of leading brands, Carlisle delivers innovative, labor-reducing and environmentally responsible products and solutions to customers through the Carlisle Experience. Over the life of a building, Carlisle’s products help drive lower greenhouse gas emissions, improve energy savings for building owners and operators, and increase a building’s resiliency to the elements. Driven by its strategic plan, Vision 2025, Carlisle is committed to generating superior shareholder returns and maintaining a balanced capital deployment approach, including investments in our businesses, strategic acquisitions, share repurchases and continued dividend increases. Carlisle also is a leading provider of products to the Aerospace, Medical Technologies and General Industrial markets through its Interconnect Technologies (CIT) and Fluid Technologies (CFT) business segments.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220223006330/en/

Jim Giannakouros, CFA

Vice President of Investor Relations

Carlisle Companies Incorporated

(480) 781-5135

jgiannakouros@carlisle.com

Source: Carlisle Companies Incorporated

FAQ

What is the recent cash announcement by Carlisle Companies (CSL)?

Carlisle Companies announced it received $125 million in cash from CentroMotion related to the full earn-out from the sale of Carlisle Brake and Friction.

When was the sale of Carlisle Brake and Friction finalized?

The sale of Carlisle Brake and Friction to CentroMotion was finalized on August 2, 2021.

How does the $125 million cash impact Carlisle Companies (CSL)?

The $125 million cash inflow enhances Carlisle Companies' liquidity and supports its expansion in the building products segment.