ERJ staff report (DS)
Hannover, Germany -- Continental has signed papers to buy the air conditioning hose business of Parker Hannifin. The deal is subject to approval from anti-trust authorities. Terms of the deal were not disclosed, but ContiTech said it is one of the largest acquisitions in ContiTech's history.
The acquisition of the Mobile Climate Systems division of Parker Hannifin Corp. includes plants in Mexico (Monterrey and Montemorelos), the Czech Republic (Chomutov), South Korea (Chonan) and China (Wuxi). ContiTech will take on approximately 1,000 employees in total from this acquisition. The acquired business manufactures refrigerant control and containment components for passenger car and light truck vehicle air conditioning applications.
The acquired business will be integrated into ContiTech's Fluid Technology Business Unit.
â€œThe acquisition is perfectly in line with our growth strategy,â€ said ContiTech CEO Heinz-Gerhard Wente today in Hanover. â€œParker has an excellent presence among the American and Japanese automotive manufacturers and will open additional doors for us in Asia. After the acquisition, we will also become a worldwide partner for manufacturers such as Ford, GM and Honda.â€
Air conditioning lines are produced by ContiTech's Fluid Technology business unit which, with around â‚¬1.3 billion in sales and around 14,000 employees, is the technology company's largest business unit.
The business unit uses rubber, plastics, textiles, steel and aluminum in the manufacture of hoses, curved hoses, hose lines and pipelines, as well as the fittings for these applications.
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Press release from ContiTech
Press release from Parker Hannifin