Continental has announced the sale of Stankiewicz to the Dutch investor Gilde Buy-Out Fund in Utrecht, The Netherlands.
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The two parties did not disclose the price. Stankiewicz belonged to the ContiTech division of Continental and was taken over by Continental as a part of Phoenix in 2004.
“ContiTech is reorienting its core business activities, which is why we decided to sell Stankiewicz,” said ContiTech board chairman Gerhard Lerch. “This move will have a positive impact for Stankiewicz as well.”
The company, based in Adelheidsdorf near Hanover, makes complete sound insulation systems to reduce external and internal noise in cars and commercial vehicles. The company has nine plants in six countries, and employs 2,100 worldwide.
In 2005 it posted sales of EUR270m.
The sale is subject to approval by the appropriate antitrust authorities and the Phoenix board.
