By: PLASTICS NEWS REPORT
April 1, 2014
One of the world’s biggest auto suppliers is expanding its exposure in blow molding through the acquisition of two German blow molding equipment companies.
Continental AG’s ContiTech unit announced April 1 that it is buying Inotec Innovative Technologie GmbH and Präzisionstechnik Geithain GmbH for an undisclosed amount.
Both companies are long-time suppliers to ContiTech and allow the Hanover, Germany-based company to “create a new technology center for the blow molding business at Continental,” ContiTech said in a news release.
Inotec specializes in tooling and special machine construction for blow molding, including prototype construction and sampling. PTC is an Inotec supplier of components for machines and blow molding tools.
Jobs at Inotec, based in Kohren-Sahlis, and PTC of Geithain will continue under new ownership.
“The market for plastic charge air hoses and clean air hoses is experiencing rapid growth,” said Joachim Geimer, head of ContiTech’s air induction systems segment. “By acquiring Inotec, we are securing knowledge about processes and tools that we previously sourced outside the company.”
Automotive News, as sister publication of Plastics News, ranks Continental as the third largest auto supplier in the world.