The 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 company manufactures refrigerant control and containment components for passenger car and light truck vehicle air conditioning applications.

“The acquisition is perfectly in line with our growth strategy,” said ContiTech CEO Heinz-Gerhard Wente today in Hanover. “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.”