Fairlawn, Ohio — Continental Corp. has acquired the assets and business of CRP Industries' Continental-related belt business and kits programme.
The firm said in a 7 Oct news release that as a result of the deal, Continental has brought all of its Continental-branded aftermarket belt products under its North American business.
The deal consists of import and domestic Continental-branded multi-V belts, accessory drive kits, V-belts, timing belts, pro series kits, pro series plus kits and black series kits.
Financial terms of the acquisition were not disclosed. Continental said that it and CRP will work together on a gradual transition to enable both sets of customers to become accustomed to the new arrangement of products and services.
"We are excited to bring all Continental products sold in North America under our own North American aftermarket business," Rolf Sudmann, head of Continental's global aftermarket belt business, said in a statement.
"In addition to continue providing our strong all-makes program, this integration will help us to be one of the leading providers in the import market," he added.
The move, according to Sudmann, will bring clarity to branding for both Continental's and CRP's customers and combine the strengths of each business to provide a "one-stop shopping experience."
CRP Industries has a strong presence in the aftermarket through its non-Continental brands, which include Rein Automotive parts, Pentosin technical fluids, Ajusa gaskets and AAR Steering products.
"Continental has been a valued partner for more than 65 years, and a mutual respect and collaboration has been the foundation of our relationship during that time," CRP Industries CEO Dan Schildge said in a statement.
"This transaction brings alignment to the Continental product lines while allowing CRP to focus on further defining our brand and product," Schildge concluded.