Carlisle Companies to Acquire Providien
October 21 2019 - 4:40PM
Business Wire
Transaction Bolsters Carlisle's Presence in Attractive Medical
Device Segment
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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version on businesswire.com: https://www.businesswire.com/news/home/20191021005827/en/
Jim Giannakouros, CFA Vice President of Investor Relations and
FP&A Carlisle Companies Incorporated (480) 781-5135
jgiannakouros@carlisle.com
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