PLYMOUTH, Mich.—Freudenberg-NOK Sealing Technologies, a division of German-based Freudenberg Group, is expanding its independent Corteco and TransTec-brand offerings with its latest acquisition.
The company purchased Hollywood, Fla.-based aftermarket solution company Seal Aftermarket Products L.L.C. (SAP) on Nov. 6, according to a company news release. Financial terms of the deal were not disclosed.
Common SAP brands such as Toledo Trans-Kit will remain intact in the deal. Christian Dickopf, senior vice president of Freudenberg Sealing Technologies' Corteco Division, said the move will help further grow Freudenberg's business footprint around the world after it opened plants in Turkey and Serbia earlier this year.
"This purchase broadens our portfolio and enhances our global footprint in the transmission repair market," Dickopf said in a statement. "Business investments like this one will help us better reach new and existing customers with a complete line of specialty aftermarket vehicle solutions."
In addition to strengthening the company's presence in North America, the deal will "change Corteco's competitive landscape" in other regions where branding is not quite as strong, the company said.
The acquisition of SAP brings the two aftermarket brands under one roof and makes both stronger than ever, the firm said.
"While the TransTec brand is currently focused on aftermarket sealing products such as gaskets, radial shaft seals, specialty sealing components," Freudenberg said, "the TTK brand will add a focus on hard steel components such as clutches, drum assemblies, and other transmission specialty steel components like valve assemblies that may need replacement in a transmission."
Chris Petronella, Corteco North America vice president, said "these brands complement one another," and will work in tandem to provide aftermarket transmission solutions around the world as some regions continue to rely more heavily on older cars.
"We see this as a substantial market and that is why we are investing in it," Dickopf said of regions with aging cars. "While there will be a lot of technology transition at the OEM level in the foreseeable future, this is a commitment to the afterlife that internal combustion engine technologies will have for a substantial period of time."
