Carlisle Companies Sold Its European Power Transmission Business.

Carlisle Companies Inc., based in Charlotte, NC, said it sold its European power transmission belt business to Megadyne, a manufacturer of polyurethane transmission belts located in Mathi, Italy. The business had been part of the Dayco Power Transmission business acquired by Carlisle in August 2001, the company said. Total 2002 revenue for the divested business was $34.9 million.

Rick McKinnish, Carlisle's President and CEO commented, "The divestiture of this breakeven business is consistent with our strategy of focusing on businesses that have or can achieve competitive advantage in addition to a leadership position in their markets. Carlisle's North American power transmission belt business, Carlisle Power Transmission, continues to be an integral member of Carlisle's portfolio, well-positioned for market leadership, growth and positive cash flow." Terms of the transaction were not disclosed.