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Latest acquisition news from Amphenol Corporation is for Carlisle’s CIT business

Amphenol Corporation—which has been in a busy acquisition track—announced that it is acquiring the Carlisle Interconnect Technologies (CIT) business of Carlisle Companies for a little over $2 billion.

A press release said that the definitive agreement will see CIT’s harsh environment interconnect solutions join Amphenol’s existing interconnect solutions. CIT produces wire and cable, cable assemblies, contacts, connectors and sensors for sectors such as commercial air, defense and industrial end markets. “We are excited to welcome CIT’s approximately 6,000 talented employees to the Amphenol family,” said Amphenol President and CEO R. Adam Norwitt. The acquisition “will allow us to deliver a more comprehensive technology solution for the increasingly complex applications of our customers in harsh environment markets.”

Per the CIT website, the business traces back to 1940 when it was founded by Henry Dudley Minich as Tensolite. It had six people working in an old, converted house in Tarrytown, New York. Today, the business has nine locations in the U.S., three in Mexico, one in Switzerland and two in China. CIT, the release said, is expected to report 2024 sales and adjusted EBITDA margin of approximately $900 million and 20%, respectively.

“The sale of CIT aligns with our Vision 2030 strategy and represents a significant milestone in our strategic pivot from a diversified industrial portfolio of businesses to a premier pure-play building-products company,” Chris Koch, CEO, chairman and president of Carlisle Companies, said in a statement. The transaction is expected to be completed this year.

Read 1030 times Last modified on March 7, 2024

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