Conti Buys U.S. Air-Conditioning Business

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

ContiTech says the unit, which generated $140 million (€114 million) in revenue last year, is one of its largest acquisitions ever. The former Parker Hannifin business, which is based in Tennessee, 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.