HANOVER, Germany (Feb. 9) — Continental A.G. has sold its Stankiewicz GmbH sound insulation products unit to Dutch investor Gilde Buy-Out Fund in line with a "reorientation" of its core business activities.
Stankiewicz has been part of the ContiTech technical rubber goods unit only for about a year; it was acquired in 2004 when Continental bought Phoenix A.G.
Stankiewicz, based in Adelheidsdorf, Germany, makes complete sound insulation systems for reducing external and internal noise on cars and commercial vehicles. Many of its sound-deadening products are based on polyurethane, while it produces rubber to metal springs, bushes and suspension mounts for automotive vibration damping.
Stankiewicz generated nearly $340 million in sales in 2005 with 2,100 employees at nine plants in six European countries. Its sales are nearly 100 percent original equipment automotive related.
The parties agreed not to disclose the transaction price.
"We are very confident that, together with Gilde, we are well prepared for the challenges we will face in the coming years," said Oliver Hafner, general manager of Stankiewicz. "Vehicle acoustics will play an increasingly important role, which presents Stankiewicz with excellent opportunities for further growth."
For Gilde, the purchase is an "important step in the expansion of its activities in the automotive sector," said Ralph Wyss, managing director of Gilde´s office in Zurich, where the transaction was managed.
"Rising demands on comfort will continue to provide innovative companies such as Stankiewicz with good possibilities to sell high-quality acoustics solutions in the future."
Among Gilde´s holdings is Armacell, the former Armstrong Insulation Products unit of Armstrong World Industries.