NEW YORK (AP) — Carlisle Cos. on Thursday agreed to buy Belden Inc.'s Thermax-Raydex wire and cable unit for $265 million to grow its aerospace and industrial businesses.
Thermax-Raydex makes wires and cables that are used by aerospace, avionics, and electronics companies to transmit data and power. Carlisle, which is based in Charlotte, N.C., makes materials and parts for industries including construction, energy, aerospace and food service.
Carlisle said Thermax-Raydex has annual revenue of about $112 million. The purchase is expected to close this year and add to Carlisle's profit in 2013.
Belden, a communications equipment company based in St. Louis, may use some of the sale proceeds to repurchase up to $200 million in stock.
Shares of Carlisle closed at $56.07 Wednesday, and Belden shares finished at $36.26.