SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Carlisle Companies Incorporated (NYSE:CSL), a global leader in commercial and industrial building envelope products through its Carlisle Construction Materials (CCM) operating segment, announced today that it has entered into a definitive purchase agreement to acquire Petersen Aluminum Corporation (“Petersen”), a privately held manufacturer of high-quality metal roofing products for approximately $197 million.
Headquartered in Elk Grove Village, Illinois, Petersen’s primary business is the manufacture and distribution of market leading architectural metal roof panels, steel and aluminum flat sheets and coils, wall panels, perimeter roof edge systems and related accessories for commercial, residential, institutional, industrial and agricultural markets. Founded by Maurice R. Petersen in 1965, Petersen, through its premier brand PAC-CLAD®, has grown to become a leader in its served markets with approximately $160 million of annual revenue.
Chris Koch, CEO and President, said, "The acquisition of Petersen is part of our strategy of providing customers with a portfolio of high quality, innovative products and solutions that meet an increasing array of their building envelope needs. Petersen is an excellent fit with our recent acquisitions in the metal roofing space, including Drexel Metals, Sunlast Metal and Premium Panels, as well as a significant complementary addition to our single-ply roofing systems. We anticipate achieving annual synergies of $4.0 million across our metal roofing platform as a result of the acquisition. Petersen further broadens our scale and geographic penetration of the attractive and fast growing regions of Texas, Arizona, Georgia and the Midwest as we continue to execute on our metal roofing growth strategy. I look forward to welcoming the Petersen team to Carlisle and driving further growth and innovation with the help of the Carlisle Operating System."
Upon completion of the transaction, the business will be reported as part of the CCM segment.
About Carlisle Companies Incorporated
Carlisle Companies Incorporated is a diversified, global portfolio of niche brands that manufacture highly engineered products. 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, aerospace, medical, defense, transportation, industrial, protective coating, auto refinishing, agriculture, mining, and construction. Carlisle’s worldwide team of employees generated $4.1 billion in net sales in 2017. Learn more about Carlisle at www.carlisle.com.
Jim Giannakouros, CFA
Vice President, Investor Relations and FP&A