Carlisle Acquires LHi Technology
Carlisle Companies Incorporated (NYSE:CSL) today announced the acquisition of LHi Technology, a leading designer, manufacturer and provider of cable assemblies and related interconnect components to the medical equipment and device industry. LHi supplies world-class medical device manufacturers with interconnect components used for patient monitoring, electrosurgery, diagnostic imaging and surgical instrumentation. LHi was a portfolio company of 3i Group plc, an international investment manager. The enterprise value of the transaction was $195 million. The acquisition is expected to be accretive to Carlisle in the first year.
With annual sales of more than $100 million, LHi has manufacturing and assembly facilities in Shenzhen, China. LHi sells its products globally to the world’s leading medical device manufacturers. The company designs, manufactures and sells customized, high-reliability wire, cable and components for transmission of data and power to and from medical devices used for a variety of medical applications. The business will operate as part of Carlisle Interconnect Technologies, a global provider of specialty wire and cable and interconnect components for commercial and military aircraft, medical applications, and other communications systems. The acquisition will strengthen Carlisle’s successful launch of its medical cable and cable assembly product line by adding new products, new customers, and complementary technologies to better serve the global healthcare market.
David A. Roberts, Carlisle’s Chairman and CEO, said: “We are excited about the acquisition of LHi, which helps us further penetrate the targeted healthcare market by adding scale and technological capabilities while broadening service ranges to our customers in this very attractive market sector. This acquisition also furthers our strategy to diversify the end markets of Carlisle Interconnect Technologies into other higher margin sectors that reduce our dependence on aerospace for growth.”
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to changes in global economic, business, competitive, market and regulatory factors. More detailed information about these factors is contained in the Company’s filing with the Securities and Exchange Commission. The Company undertakes no duty to update forward-looking statements.
About Carlisle Companies
Carlisle Companies Incorporated is a global diversified company that designs, manufactures and markets a wide range of products that serve a broad range of niche markets including commercial roofing, energy, agriculture, mining, construction, aerospace and defense electronics, foodservice, healthcare and sanitary maintenance. Through our group of decentralized operating companies led by entrepreneurial management teams we bring innovative product solutions to solve the challenges facing our customers. Our worldwide team of employees, who generated $2.9 billion in net sales in 2013, are focused on continuously improving the value of the Carlisle brand by developing the best products, ensuring the highest quality and providing unequaled customer service in the many industries we serve. Learn more about Carlisle at www.carlisle.com.
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