Carlisle Companies combines transmission belt, tire and wheel businesses

Carlisle Companies combines auto parts units

CHARLOTTE, N.C. — Carlisle Companies Inc. said Wednesday that it has combined its power transmission belt business with its tire and wheel unit after plans to sell the belt business were derailed by the financial crisis.

Carlisle said it was close to selling the division to a buyer late last year but that the deal was scuttled. The company then decided to keep the belt business despite receiving another offer that it said was close to the book value of the unit.

The unit, which makes belts and accessories for industrial power transmission uses, has annual sales of $115 million. Carlisle said the decision to merge it with the tire and wheel business will result in a $6.7 million charge on its 2009 fourth-quarter earnings.

Shares of Carlisle rose 16 cents to close Wednesday at $36.57.