On July 1, ContiTech Power Transmission Group acquired the North American automotive parts distributor, Cadna Rubber Co. Inc. Cadna primarily sells power transmission belts, hoses and metal components to retail and wholesale channels.
HANOVER, Germany — ContiTech’s recent acquisition of Memphis, Tenn.-based Cadna Rubber Co. has received positive customer feedback and has poised the company to strengthen its position in the automotive aftermarket in the U.S., said ContiTech Power Transmission’s top executive Konrad Mueller.
On July 1, ContiTech Power Transmission Group acquired the North American automotive parts distributor, Cadna Rubber Co. Inc. Cadna primarily sells power transmission belts, hoses and metal components to retail and wholesale channels. In that time, both sides are pleased with the results.
“The partnership with Cadna has enabled us to strategically position ourselves to provide dynamic growth for our automotive aftermarket within the U.S.,” said Konrad Mueller, head of the business unit ContiTech Power Transmission Group. “Our plans to extend Cadna’s product range are well underway, and Cadna is being integrated into the ContiTech family. This has enabled us to grow our customer network, and has provided yet another platform for the distribution of our products in the NAFTA region.”
Last year, Cadna achieved sales of approximately $15 million with its 30 employees.
“We are already beginning to see some of the benefits anticipated with the acquisition,” said Cadna General Manager Devin Hart. “As an example, next quarter we will be introducing over 50 new serpentine belts and have plans for further expansion within our core rubber categories.”
With sales of around €33.3 billion in 2013, Continental is among the leading automotive suppliers worldwide. As a supplier of brake systems, systems and components for powertrains and chassis, instrumentation, infotainment solutions, vehicle electronics, tires and technical elastomers, Continental contributes to enhanced driving safety and global climate protection. Continental is also an expert partner in networked automobile communication. Continental currently employs around 186,000 people in 49 countries.
The ContiTech division numbers among the leading suppliers of a host of technical rubber products and is a specialist for plastics technology. The division develops and produces functional parts, components and systems for the automotive industry and other important industries. ContiTech currently has a workforce of approximately 31,400 employees. In 2013 it recorded sales of about €3.9 billion.