Conti Acquires U.S. Air-Conditioning Business

Continental AG's ContiTech unit has bought the automotive air-conditioning operations of Cleveland, Ohio-based Parker Hannifin Corp. for an undisclosed amount.

ContiTech says the unit, which generated $140 million in revenue last year, is one of its largest acquisitions ever. The former Parker Hannifin business, which is based in Collierville, Tenn., has 1,000 employees and five plants in China, the Czech Republic, Mexico and South Korea.

ContiTech says the new operations will expand its presence, thus enabling it to become a global supplier to such carmakers as Ford, General Motors and Honda.