ContiTech Acquires Aftermarket Company in the US
- Market presence of ContiTech products will be further expanded
- Strengthen position in automotive aftermarket
HANOVER, Germany and MEMPHIS, Tenn., July 2, 2014 /PRNewswire/ -- ContiTech is strengthening its position in the automotive aftermarket in the US. The Hanover-based ContiTech Power Transmission Group acquired 100% of the shares of the American automotive parts distributor Cadna Rubber Company, Inc., Memphis, Tennessee, effective July 1, 2014. The company primarily sells power transmission belts, hoses, and metal components to retail and wholesale channels.
"Cadna is strategically positioned to provide dynamic growth for our automotive aftermarket within the US," says Konrad Muller, Head of the ContiTech Power Transmission Group business unit. "We plan to extend Cadna's product range in the future, enabling growth throughout the existing customer network. This acquisition will provide another platform for the distribution of our products in the NAFTA region." The company achieves sales of approximately 15 million US dollars with its 30 employees.
"In ContiTech we have found the right technology partner who will help us to achieve our growth objectives in North America," says Cadna CEO Devin Hart who will stay on with the company as its General Manager. "ContiTech is among the leading suppliers in the Automotive OE market. Our customers will benefit greatly from the industry expertise they provide."
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 182,000 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 29,700 employees. In 2013 it recorded sales of about €3.9 billion.