HANOVER, Germany (Feb. 2) — ContiTech A.G. has acquired Thermopol International Ltd., a London-based producer of silicone industrial hose with a plant in Somersworth, N.H., for an undisclosed price.
In 2006, Thermopol posted sales of $56.6 million. It has a work force of about 500 at facilities in England, the U.S., Romania and South Korea. The company designs, develops and produces high-performance silicone rubber hoses primarily for the truck, bus and automotive industries. Thermopol was owned by private investment funds advised by London-based MPC Partners L.L.P. and Montagu Private Equity Ltd.
"The acquisition fits very well into the strategy of ContiTech," said Heinz-Gerhard Wente, member of the Executive Board of ContiTech ·The existing factories in North America, Romania and Korea offer an excellent point of departure for further qualified expansion in markets with above-average growth figures for high-temperature hoses.Ã¶
Greg MacLeod, chairman of Thermopol International and managing partner of MPC, said the firm is "convinced that Thermopol will be able to exploit its growth potential even more fully in combination with Continental."
ContiTech´s Fluid Technology business unit posted sales of $1.23 billion in 2005 with 9,000 employees worldwide.