CLEVELAND Parker Hannifin Corp. has completed the sale of the automotive air conditioning portion of its Mobile Climate Systems Division to ContiTech AG of Hanover, Germany. Terms of the transaction were not disclosed.
The automotive air conditioning business manufactures hose and tube assemblies, accumulators, receiver dryers and oil coolant assemblies for the passenger car and light truck markets. The business was part of the company's Climate and Industrial Controls segment and has annual sales of approximately $140 million and 1,000 employees. The sale did not include the Parker portion of the business that sells these same products for air conditioning applications or hose products in the heavy truck, agricultural and construction equipment end-markets.
ContiTech AG is a leading global supplier of technical elastomer products in the non-tire rubber sector and is a specialist for rubber technology in the non-tire rubber sector. It develops and produces functional parts, components and systems for the automotive industry and other important industries.