HANOVER, Germany (Aug. 17)—Continental A.G. has agreed to sell its automotive sealing systems business to the owners of SG Sealing Ltd., the former SaarGummi automotive profiles and rubber molding business.
"The sale was prompted by our strategically weak position," said Claus Peter Spille, general manager of ContiTech Sealing Systems in Hanover.
The sale should be completed by Oct. 1. No sale price was disclosed. Conti had revealed earlier this year it was considering divesting the unit, which reported sales last year of $94.5 million.
The buyer is Special Situations Venture Partners L.P. of Guernsey, owners of SG Sealing, which bought the former SaarGummi from RAG Saarberg in 2004. SSVP is an investment fund advised by Orlando Management GmbH of Munich.
SG Sealing has about 20 percent of the vehicle weatherstripping market in Europe, ContiTech said.