HANOVER, GERMANY (Aug. 13, 2:15 p.m. ET) — Parker Hannifin Corp. has signed a definitive agreement to sell the automotive air conditioning portion of its mobile climate systems division to ContiTech AG for an undisclosed price.
Cleveland-based Parker said the automotive air conditioning business manufactures components for light vehicles; the parts include hose and tube assemblies, accumulators, receiver dryers and oil coolant assemblies. The products are primarily rubber and aluminum, but include some composites.
The business operates at five global manufacturing sites – Monterrey and Montemorelos, Mexico; Chomutov, Czech Republic; Chonan, South Korea and Wuxi, China.
The acquired business has annual sales of $140 million and 1,000 employees.
The mobile and hose portions of the mobile climate systems division are not part of the transaction.
“Parker believes that the long-term prospects for this business and our employees will be best served as part of an organization with a more strategic focus in this market,” Tom Healy, president of Parker's Climate and Industrial Controls Group, said in a statement. “We are pleased to have found a buyer that was the right fit with ContiTech.”
Hanover-based ContiTech said the acquisition is the largest in the company's history. ContiTech is a global supplier of elastomer products in the non-tire rubber sector and a specialist for rubber technology in the non-tire rubber sector.