August 13, 2012 / 3:19 PM / 7 years ago

Continental AG buys Parker Hannifin air vent unit

BERLIN (Reuters) - German car parts and tyre maker Continental AG’s (CONG.DE) rubber and plastics division bought the automotive air conditioning business of U.S.-based Parker Hannifin Corp (PH.N) to beef up its overseas automotive operations.

The acquisition, announced by ContiTech for an undisclosed amount on Monday, means the Hanover-based company takes over about 1,000 employees at five plants in China, Mexico, South Korea and the Czech Republic, according to a statement.

“The purchase fits our growth strategy perfectly,” said ContiTech’s chief executive, Heinz-Gerhard Wente, hailing Parker’s exposure to U.S. and Japanese carmakers.

“We will be a global partner for (auto) manufacturers such as Ford, GM and Honda after this acquisition.”

ContiTech said the acquisition is one of its biggest-ever, noting that purchasing agreements were signed on Monday. The deal has yet to be approved by cartel authorities.

Reporting By Andreas Cremer; Editing by David Cowell

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