ContiTech closes in on huge takeover
ContiTech is strengthening its presence the in hose lines sector of the automotive industry by finalizing one of its largest ever acquisitions.
The German Tier 1 has confirmed it is buying the automotive air conditioning business of the Collierville, Tennessee-based mobile climate systems division of Tier 1 rival Parker Hannifin. The deal, which has surprised many industry commentators, 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 from the acquisition.
Details such as the price of the takeover have been kept quiet until the transaction is approved by antitrust authorities. The acquired business will be integrated into ContiTech’s fluid technology business Unit.
“The acquisition is perfectly in line with our growth strategy,” said ContiTech CEO Heinz-Gerhard Wente. “Parker 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.”
Air conditioning lines are produced by ContiTech’s fluid technology business unit which, with around US$1.7 billion in sales and around 14,000 employees, is the company’s largest business unit.
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