Carlisle Signs Letter of Intent to Acquire Damrow Denmark and Damrow USA

28 January 2000

Carlisle Signs Letter of Intent to Acquire Damrow Denmark and Damrow USA

    SYRACUSE, N.Y.--January 27, 2000--Carlisle Companies Incorporated announced today that it has signed a letter of intent with GEA Aktiengesellschaft of Germany to acquire the assets of Damrow Denmark and Damrow USA, a global equipment supplier to the cheese industry.
    Tim High, President of Carlisle's Scherping Systems International operation, stated, "We are particularly impressed with the recent new patents and product development activities of Damrow and feel confident that Scherping will be able to expand on this using our engineering, fabrication and control capabilities."
    Damrow's product range includes European cheese systems and cottage cheese equipment as well as a full range of cheddar and mozzarella systems. The products and services currently provided by Damrow will be marketed separately from Scherping's own products.
    Damrow Denmark will provide full system capability to the European and South American markets. In Asia, Australia and New Zealand, Scherping will market Damrow products. Damrow USA will continue their sales and marketing activities directly to the North American market.
    With the addition of Damrow and the recent acquisition of Innovative Engineering Ltd. Of New Zealand to the Scherping Systems line of equipment and services, Carlisle becomes the leading global supplier of cheese manufacturing systems.
    Scherping Systems, operating under Carlisle's General Industry segment through Carlisle Systems & Equipment, is the market leader in cheesemaking systems in the United States.
    Terms of the transaction were not disclosed. Closing is planned for the end of February 2000.
    Carlisle is a diversified manufacturer of products serving four major markets: construction materials, automotive components, industrial components and general industry.