Transaction Bolsters Carlisle's Presence in Attractive Medical Device Segment
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Oct. 21, 2019--
Carlisle Companies Incorporated (NYSE:CSL) today announced the signing of a definitive agreement to acquire Providien LLC, a leading provider of comprehensive manufacturing solutions for global medical device OEMs, including: thermoforming, medical device contract manufacturing, precision machining & metals, and medical injection molding. The purchase of Providien is consistent with Carlisle's Vision 2025 strategy to build scale with synergistic acquisitions to drive to $15 of earnings per share. Providien will become part of the Carlisle Interconnect Technologies (CIT) operating segment. The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2019.
Based in San Diego, California, and with over 1,000 employees, Providien has additional facilities in California and Tijuana, Mexico.
Chris Koch, President and Chief Executive Officer said, “The acquisition of Providien fits our Medical Technologies platform expansion and vertical integration strategy, driven by aging populations and increased preference for minimally invasive surgical procedures. Providien adds new products for medical markets, including: Robotics, Drug Delivery, Oncology, and Kyphoplasty, currently not served by CIT's product portfolio.
Providien also establishes a Medical new product development and manufacturing footprint in the U.S. for CIT. The combined CIT Medical Technologies platform, which includes redgroup, MicroConnex, LHi Technology and Providien uniquely positions Carlisle to be a one-stop shop to key medical device customers. We are very pleased to welcome the Providien team to Carlisle."
About Carlisle Companies Incorporated
Carlisle Companies Incorporated is a diversified, global portfolio of niche brands and businesses that manufactures highly engineered products and solutions for our customers. Carlisle is committed to generating superior shareholder returns by combining a unique management style of decentralization, entrepreneurial spirit, active M&A, and a balanced approach to capital deployment, all with a culture of continuous improvement as embodied in the Carlisle Operating System. Carlisle’s markets include: commercial roofing, specialty polyurethane, architectural metal, aerospace, medical, defense, transportation, industrial, protective coating, auto refinishing, agriculture, mining, and construction. Carlisle’s worldwide team of employees generated $4.5 billion in net sales in 2018. Learn more about Carlisle at www.carlisle.com.
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Source: Carlisle Companies Incorporated
Jim Giannakouros, CFA
Vice President of Investor Relations and FP&A
Carlisle Companies Incorporated