HANOVER, Germany (Aug. 25, 2010)—ContiTech A.G. has purchased the remaining interest from its partner in joint venture belt maker ContiTech-Jiebao Power Transmission Systems Ltd. with plans to expand the operation.
The rubber products maker previously held 60 percent of the venture, located in Ninghai, China, while Ningbo Jiebao had 40 percent. Financial details were not disclosed.
ContiTech is planning to enlarge the Ninghai plant and transfer production from its Shanghai facility to the site.
“This will enable us to play a stronger role in China, especially in the automotive original equipment business,” said Karin Seid, head of commercial operations within the ContiTech Power Transmission Group.