HANOVER, Germany (Dec. 30)—Phoenix A.G. sold its 50-percent stake in the former joint venture Vibracoustic GmbH & Co. K.G. to partner Freudenberg & Co. K.G. Freudenberg also bought Phoenix's commercial vehicle air springs business.
The deals help Continental A.G. fulfill its commitment to the European Union to sell those parts of Phoenix to allow Conti to complete its $275 million acquisition of Phoenix.
Vibracoustic, a specialist for vibration technology in vehicles, was formed in 2001. It employs 2,000 and in 2003 had sales of about $540 million in Europe, according to Phoenix.