Carlisle to acquire Insulfoam for $160M |
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Tue, 17 Apr 2007 19:21
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CHARLOTTE, N.C. (AP) - Construction materials maker Carlisle Cos. said Tuesday it will acquire Insulfoam for $160 million from privately held, Tacoma, Wash.-based Premier Industries Inc.Insulfoam makes block molded expanded polystyrene products, which are used primarily as insulation in building and other construction applications.Carlisle said Insulfoam has nearly 750 employees and annual sales of about $200 million, versus its own yearly revenue of $2.57 billion. The company operates from 13 production and fabrication facilities across the U.S. The business will operate within Carlisle's Construction Materials group.The acquisition is expected to close by April 30, pending customary closing conditions. Carlisle expects the acquisition to boost its earnings in 2007. In February, the company forecast annual earnings of $6.35 to $6.50 per share.Carlisle shares gained 25 cents to $44.65 in afternoon trading on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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