Carlisle Companies agrees to sell St. Augustine-based subsidiary for $2 billion (Courtesy of the Jacksonville Daily Record) — Carlisle Companies Inc. said Feb. 7 it agreed to sell its St. Augustine-based subsidiary, Carlisle Interconnect Technologies, to Amphenol Corp. for $2.025 billion in cash.
CarlisleIT designs and manufactures wire and cable products, including optical fiber for the commercial aerospace, military and defense electronics, medical device, industrial and test and measurement markets.
The business produced revenue of $432.4 million and operating income of $30.6 million in the first six months of 2023, according to Carlisle Cos.
The St. Augustine subsidiary employs 485 people in Northeast Florida and plans to add 200 jobs this year.
Carlisle Cos announced in September it was putting the business up for sale to shift from a diversified industrial company to a pure-play building products company.
“Joining the Amphenol team is a great outcome,” CarlisleIT President John Berlin said in a news release.
“Our product portfolio and verticals are highly complementary to Amphenol’s, enabling a smooth integration and the growth of our combined presence globally,” he said.
Wallingford, Connecticut-based Amphenol provides high-technology interconnect, antenna and sensor solutions.
CarlisleIT will continue to operate out of its St. Augustine headquarters after the deal is completed, which is expected in the second quarter of 2024. The company has 10 other manufacturing facilities.
“CarlisleIT’s highly engineered harsh environment interconnect solutions will allow us to deliver a more comprehensive technology solution for the increasingly complex applications of our customers in harsh environment markets,” Amphenol CEO R. Adam Norwitt said in the release.
Amphenol reported sales of $12.55 billion in 2023, and the company expanded with four acquisitions during the fourth quarter.
Carlisle Cos., which classified CarlisleIT as a discontinued operation after announcing plans to put the subsidiary up for sale, had revenue of $4.6 billion in 2023.
“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,” CEO Chris Koch said a news release announcing the CarlisleIT sale.