Parker Hannifin Corp. (NYSE: PH), Cleveland, OH, has agreed to sell the automotive air conditioning portion of its Mobile Climate Systems Division to ContiTech AG of Hanover, Germany. ContiTech AG is a global supplier of technical elastomer products in the non-tire rubber sector. Terms were not disclosed.
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Parker’s automotive air conditioning business manufactures highly engineered components for the global light vehicle automotive industry such as hose and tube assemblies, accumulators, receiver dryers and oil coolant assemblies. It is part of the Climate and Industrial Controls segment and operates in five global manufacturing sites with annual sales of $140 million. The mobile and hose portions of the division are not part of the transaction.
"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."