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CSL

Carlisle

$99.09

-0.51 (-0.51%)

11:38
12/10/18
12/10
11:38
12/10/18
11:38

Carlisle to acquire Petersen Aluminum Corporation for approx. $197M

Carlisle Companies announced that it has entered into a definitive purchase agreement to acquire Petersen Aluminum Corporation, a privately held manufacturer of high-quality metal roofing products for approximately $197M. 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 $160M 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 $4.0M 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.

CSL Carlisle
$99.09

-0.51 (-0.51%)

11/13/18
LBOW
11/13/18
UPGRADE
Target $122
LBOW
Buy
Carlisle upgraded to Buy from Neutral at Longbow
Longbow analyst Garik Shmois upgraded Carlisle Cos to Buy with a $122 price target.
10/09/18
BMOC
10/09/18
DOWNGRADE
Target $125
BMOC
Market Perform
Carlisle downgraded to Market Perform at BMO Capital on more restructuring costs
As reported earlier, BMO Capital analyst Joel Tiss downgraded Carlisle to Market Perform from Outperform and lowered his price target to $125 from $140. The analyst notes that investors have been consistently surprised over the past year and a half by the "one-time items" related to restructuring and other operating initiatives than did not lead to profitability more quickly. Tiss expects another such instance in the upcoming Q3 results, compounded by the headwinds of seasonality in roofing and the $5M charge related to the retirement of the head of Carlisle's Construction materials segment. The analyst lowers his expected Q3 EPS view by 10c to $1.78 ahead of the results.
10/09/18
BMOC
10/09/18
DOWNGRADE
BMOC
Market Perform
Carlisle downgraded to Market Perform from Outperform at BMO Capital
10/08/18
BMOC
10/08/18
DOWNGRADE
Target $125
BMOC
Market Perform
Carlisle downgraded to Market Perform from Outperform at BMO Capital
BMO Capital analyst Joel Tiss down graded Carlisle to Market Perform from Outperform and lowered his price target to $125 from $140.

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