Dayton, Ohio — In its continuing effort to sell the industrial business units of Dayco, Mark IV Industries, Inc., sold its Dayco Industrial Power Transmission business to Carlisle Companies, Inc., in August.

The purchase price was about $150 million in cash and debt. The deal was completed August 20.

Richard Bing, president of Dayco Industrial Division, explained the chain of events that led to the sales of Dayco's industrial group.

There are three groups — power transmission, fluid management and retail — under the aegis of the industrial division. Last September, BC Partners, a European private equity firm, purchased Mark IV.

"BC decided to divest portions of the industrial business that are not strategic to the way they were going," Bing said.

The power transmission group of Dayco is headed by Michael Gearhardt, president.

"Carlisle has a corporate staff who buys companies to run as independent, stand-alone entities," Gearhardt said. "Power transmission is in that category. People who are dealing with customers will do so as before. Plants making the products will do so as before. There is a fully functioning distribution organization and customers will see no diminished service of any kind."

Some factories make both power transmission and fluid management parts. Those will be separated over time because fluid management is also for sale, Gearhardt said, but that will not affect customers.

Both the retail and fluid management groups have letters of intent to buy from other companies, Bing said. Bing did not know if and when those sales will close.

According to Scott Brown, marketing manager for Dayco Industrial, the groups in transition are working to keep the focus on business and customer service.