UK-based Tomkins has agreed to sell its Schrader division to a Chicago-based affiliate, Madison Dearborn Partners LLC, for a sale price of $505 million cash plus a small minority equity interest in the parent of the purchasing company. 

Tomkins is jointly owned by Onex Corp. (OCX.TO) and the Canada Pension Plan Investment board. 

Schrader is ones of the world's leading manufacturers of tire pressure monitoring systems (TPMS), valve products, tire hardware, and related original equipment and aftermarket accessories. 

The transactions may close in the second quarter of 2012. 

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