Carlisle to sell CIT unit to Amphenol in transaction valued at $2.025B

Carlisle Companies Incorporated (CSL) announced the signing of a definitive agreement to sell Carlisle Interconnect Technologies or CIT to Amphenol Corporation (APH) in a transaction valued at $2.025 B. 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 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.”