HANOVER, Germany (Nov. 13)—ContiTech Fluid, part of ContiTech Holding, has acquired a 51-percent stake in a Chinese hose maker that will serve as the firm's manufacturing base for supplying a Volkswagen A.G. car assembly venture there. ContiTech acquired the stake in Grand Ocean in Chang Chun. The deal has led to the formation of a new joint venture, called ContiTech Grand Ocean, which is due to begin production in January. The venture will supply air conditioning and power steering hose lines for VW Jetta, Bora and Audi A6 models produced by the FAW-Volkswagen joint venture in Chang Chun. With about 100 employees, the venture will reach an annual production capacity of 300,000 hose lines by mid-2002, ContiTech said.
ContiTech unit buys controlling stake in Chinese hose maker
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