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S&P: Carlisle unchanged
Standard & Poor's said its ratings and outlook on Carlisle Cos. Inc. (BBB/stable) are not affected by the company's announcement that it agreed to acquire Hawk Corp. for about $410 million and expects to close the transaction by year-end.
The agency said the acquisition bolsters Carlisle's engineered transportation solutions segment, which has accounted for about one-third of year-to-date revenues, and should improve margins as Hawk has an operating margin (after depreciation and amortization) of about 16% through June 30.
S&P expects Carlisle's credit measures to remain above its expectations at the current rating and the adjusted debt-to-EBITDA ratio to be about 2 times at year-end.
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