Continental's rubber and plastics division ContiTech has acquired automotive air conditioning business of Mobile Climate Systems division of Parker Hannifin.
The automotive air conditioning business manufactures refrigerant control and containment components for passenger car and light truck vehicle air conditioning applications.
The purchase includes plants in Mexico (Monterrey and Montemorelos), the Czech Republic (Chomutov), South Korea (Chonan) and China (Wuxi) as well as about 1,000 employees.
ContiTech CEO Heinz-Gerhard Wente said that Parker has presence among the American and Japanese automotive manufacturers and will open additional doors for the company in Asia.
"After the acquisition, we will also become a worldwide partner for manufacturers such as Ford, GM and Honda," Wente said.
Currently, air conditioning lines are produced by ContiTech's Fluid Technology business, which has 14,000 employees and generates profit of EUR1.3bn in sales.
