ContiTech Acquiring Parker Hannifin Air Conditioning Business

Continental's ContiTech division announces it will acquire Parker Hannifin's automotive air conditioning business.

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ContiTech is strengthening its business in hose lines for the automotive industry. Continental Corporation's specialist for rubber and plastic technology (non-tire applications) has announced the acquisition of the automotive air conditioning business of the Collierville, TN-based Mobile Climate Systems division of Parker Hannifin Corporation. This acquisition 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 in total from this acquisition. The acquired business manufactures refrigerant control and containment components for passenger car and light truck vehicle air conditioning applications.

It is one of the largest acquisitions in ContiTech's history. The relevant agreements have been signed, however the transaction is still subject to the approval of the 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," says 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."

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