Carlisle Companies Signs Definitive Agreement to Sell Carlisle Interconnect Technologies

Carlisle Companies Incorporated, a leading supplier of innovative building products and solutions, announced the signing of a definitive agreement to sell Carlisle Interconnect Technologies (“CIT”) to Amphenol Corporation in a transaction valued at $2.025 billion. The transaction, which follows Carlisle’s previously announced process to sell CIT, is subject to certain closing adjustments and conditions, including regulatory clearances, and is expected to close by the end of the second quarter of 2024.

Chris Koch, Chair, President and Chief Executive Officer, said “The sale of CIT aligns with our Vision 2030 strategy and represents a significant milestone in our strategic pivot from a diversified industrial portfolio of businesses to a premier pure play building products company. As we complete this strategic shift, we look forward to executing our commitment in Vision 2030 to delivering over $40 of adjusted EPS through our innovative building envelope products and solutions. We are confident that our focus on building envelope solutions will allow our shareholders to benefit from mega trends around energy efficiency, labor savings and the re-roofing cycle and capitalize on the industry-leading returns provided by our streamlined portfolio.

The profitable growth and superior returns that we have demonstrated since 2018 are largely attributable to our strategic pivot and highly accretive capital allocation methodology. We are further strengthening our capital foundation with the expected proceeds from the sale of CIT. When combined with our 15%+ free cash flow margin expected to continue through 2024 and beyond, this heightened financial strength affords us substantial flexibility to effectively execute our share repurchase program, pursue strategic building product acquisitions and other high-returning capital allocation priorities.”

J.P. Morgan Securities LLC is serving as Carlisle’s financial advisor for the transaction and Kirkland and Ellis LLP is acting as its legal advisor.

About Carlisle Companies Incorporated

Carlisle Companies Incorporated is a leading supplier of innovative building envelope products and solutions for more energy efficient buildings. Through its building products businesses – Carlisle Construction Materials (“CCM”) and Carlisle Weatherproofing Technologies (“CWT”) – and family of leading brands, Carlisle delivers innovative, labor-reducing and environmentally responsible products and solutions to customers through the Carlisle Experience. 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. Leveraging its culture of continuous improvement as embodied in the Carlisle Operating System (“COS”), Carlisle has committed to achieving net-zero greenhouse gas emissions by 2050.

Contact:

Mehul Patel – Vice President, Investor Relations – mpatel@carlisle.com – (310) 592-9668

Source: Carlisle Companies Incorporated