(RTTNews) - Carlisle Companies Inc. (CSL) said that it agreed to sell Carlisle Brake & Friction (CBF) to CentroMotion of Waukesha, Wisconsin in a transaction structured to provide Carlisle the opportunity to receive $375 million, including receipt of $250 million cash at closing, and the right to receive an additional post-closing cash payment of up to $125 million based on CBF's achievement of certain adjusted EBITDA targets for calendar year 2021.
The transaction is expected to close in the third quarter of 2021.
The sale of CBF was contemplated as part of Carlisle's portfolio optimization strategy, as laid out in Vision 2025.
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