HANOVER, Germany (Aug. 5, 2008) — ContiTech A.G., a division of Continental A.G., has sold Phoenix Dichtungstechnik GmbH to GermanCapital GmbH, a private equity company, retroactively as of June 30.
GermanCapital GmbH, in cooperation with financial services firm Morgan Stanley, will assume Phoenix's work force of about 250 and in plants in Waltershausen and Hamburg, Germany, Conti said. The purchase price wasn't disclosed.
Phoenix Dichtungstechnik, originally part of the Phoenix A.G., produces profiles and frames for structural and underground construction as well as waterproof sheeting, especially for roof sealing.