By Liz White, ERJ staff
Hanover, Germany-ContiTech AG announced 14 Aug that it is to sell its automotive sealing systems business operation by 1 Oct 2005, following earlier revelations that it was in talks to divest this unit.
ContiTech decided to sell because it lacks sufficient “strategic clout” to compete effectively in the automotive sealing components market. “The sale was prompted by our strategically weak position,” admitted Claus Peter Spille, general manager of ContiTech Sealing Systems in Hanover, in a company statement.
No price for the…