CLEVELAND Parker Hannifin Corp. has signed a definitive agreement to sell the automotive air conditioning portion of its Mobile Climate Systems Division to ContiTech AG of Hanover, Germany.
Terms of the transaction were not disclosed and completion of the agreement is subject to regulatory approvals and customary closing conditions.
The automotive air conditioning business manufactures highly engineered components for the global light vehicle automotive industry, including hose and tube assemblies, accumulators, receiver dryers and oil coolant assemblies.
The business is part of the Climate and Industrial Controls segment and operates in five global manufacturing sites with annual sales of approximately $140 million and 1,000 employees. The mobile and hose portions of the Mobile Climate Systems Division are not part of the transaction. ContiTech AG is one of the leading global suppliers of technical elastomer products in the non-tire rubber sector and a specialist for rubber technology in the non-tire rubber sector. The company develops and produces functional parts, components and systems for the automotive industry and other important industries.