US: Parker Hannifin completes air conditioning sale to ContiTech
Motion and control technology company, Parker Hannifin Corporation, says it has completed its previously announced transaction to sell the automotive air conditioning portion of its Mobile Climate Systems Division to ContiTech, although terms of the deal were not disclosed.
The automotive air conditioning business manufactures hose and tube assemblies, accumulators, receiver dryers and oil coolant assemblies for the passenger car and light truck markets
The business is part of the Climate and Industrial Controls segment and has annual sales of around US$140m and 1,000 employees.
This transaction does not include the Parker portion of the business that sells these same products for air conditioning applications or hose products in the heavy truck, agricultural and construction equipment end markets.