ERJ staff report (TP)
Hanover, Germany / Memphis, Tennessee – ContiTech Power Transmission Group (CPTG) acquired 100% of the shares of American automotive parts distributor Cadna Rubber Company, effective 1 July.
The company primarily sells power transmission belts, hoses, and metal components to retail and wholesale channels.
Konrad Muller, head of CPTG business unit, said the firm plans to “extend Cadna's product range in the future, enabling growth throughout the existing customer network”.
Cadna achieves sales of approximately $15 million (€10.9m) with its 30 employees.
ContiTech currently has a workforce of approximately 29,700 employees. In 2013 it recorded sales of about €3.9 billion.