ERJ staff report (DS)
Hanover, Germany -- ContiTech AG, Hanover, a division of Continental AG, has sold Phoenix Dichtungstechnik GmbH, Hamburg, retroactively as of June 30, 2008 to a private equity company. Both sides have agreed not to disclose the purchase price.
Phoenix Dichtungstechnik, originally part of the Phoenix AG company, produces profiles and frames for structural and underground construction as well as waterproof sheeting, especially for roof sealing. The company posted sales of €65 million in 2007.
The new owner is the financing and investment company GermanCapital GmbH, Munich, in co- oporation with the financial services firm Morgan Stanley. The workforce of approximately 250 as well as the plants in Waltershausen (Thuringia) and Hamburg will be taken on by the new owner.
"In the acquisition agreement with Phoenix, we had already stated that we would look for a suitable purchaser for Phoenix Dichtungstechnik, as this area did not fit in with our core business," says Gerhard Lerch, chairman of the Executive Board of ContiTech AG. "Today's decision is positive for the employees and both companies."
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Press release from Continental