ContiTech A.G. has purchased silicone industrial hose maker Thermopol International Ltd. for an undisclosed price.
London-based Thermopol, which operates a factory in Somersworth N.H., posted sales of $56.6 million in 2006. The company has a work force of about 500 and also has plants in England, Romania, and South Korea, producing high-performance silicone rubber hoses primarily for the truck, bus and automotive industries.
ContiTech purchased Thermopol from 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."
Greg MacLeod, chairman of Thermopol and managing partner of MPC, said Thermopol will be able to exploit its growth potential because of its combination with ContiTech.