ContiTech, Continental’s none-tyre rubber and plastic technology division, has acquired the automotive air conditioning business of the Tennessee-based Mobile Climate Systems division of Parker Hannifin for an undisclosed sum.
The business has annual sales of around US$140m and 1,000 employees at five factories worldwide including Mexico, China, South Korea and the Czech Republic. ContiTech said it is one of the largest acqusitions in its history. The business manufactures refrigerant control and containment components for passenger car and light truck vehicle air conditioning.
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The mobile and hose portions of the mobile climate systems division are not part of the deal.
“Parker believes that the long term prospects for this business and our employees will be best served as part of an organisation with a more strategic focus in this market,” said Tom Healy, president of Parker’s climate and industrial controls group.
“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 [supplier to] manufacturers such as Ford, GM and Honda.”
Air conditioning lines are produced by ContiTech’s fluid technology business unit which, with around EUR1.3bn in sales and around 14,000 employees, is the technology company’s largest business unit.
ContiTech employs 27,250 and booked sales of EUR3.6bn in 2011.
