ODENSE, Denmark (May 8) — ContiTech A.G. has completed its acquisition of Roulunds Rubber A/S, a maker of power transmission belts and related products.
ContiTech, a unit of Continental A.G., and Roulunds, a division of A.P. Moller-Maersk Group, disclosed the deal originally on Feb. 6. Terms of the sale, effective from Jan. 1., were not disclosed. Roulunds generated $84 million in sales last year.
Roulunds employs 1,100 at plants in Odense; Padovana, Italy; Barcelona, Spain; Yangsan City, South Korea; New Delhi, India; and Shanghai, China, making power transmission belts for industrial and automotive uses, ContiTech said.
Moeller/Maersk Group also owns Codan Gummi A.S., a Danish producer of automotive and industrial hose systems. This business is not part of the deal, a ContiTech spokesman said.
Roulunds dates back to 1736 as a rope maker. It first made transmission belts in 1872 and started making rubber belts in 1933.