Construction materials maker Carlisle Cos. completed its $388 million acquisition of Hawk Corp., the companies said Wednesday.
Carlisle paid $50 per share for the Cleveland automotive and aviation equipment maker. Hawk had said in July it would consider selling itself.
Carlisle, based in Charlotte, N.C., makes roofing, tires and other products. It had said when it announced the deal in October that Hawk will become part of its industrial brake and friction business. It expects Hawk to boost its profit in the first year, and by 2012, Carlisle expects $20 million in annual savings because of the deal.
Hawk reported $115.1 million in sales in the first six months of 2010, and expects $225 million to $232 million in revenue for the year. Carlisle reported $1.27 billion in revenue in the first half of the year, and the acquisition is part of a plan to reach $5 billion in annual sales.