NORTHEIM, Germany (Oct. 18, 2010)—ContiTech Conveyor Belt Group has agreed to buy the conveyor belt operations of Tianjin Xinbinhai Conveyor Belt Co. Ltd., Tianjin.
The relevant agreements were signed in China Oct. 18, according to ContiTech.
The Chinese firm has a work force of about 200 at its plant in Tianjin and produces industrial conveyor belts, mainly for metal and cement processing, ContiTech said.
Hans-JÃ¼rgen Duensing, general manager of ContiTech Conveyor Belt Group, said the move gives his company a new market in an up-and-coming region and strengthens ContiTech's position in China.
Both sides have agreed not to disclose the purchase price.
ContiTech said it has been active in China for 30 years. It produces hose line systems, vibration components, air springs, surface materials, conveyor belts, drive belts and coated fabrics locally at nine modern production plants and supplies car making, machine and plant engineering and construction, mining, printing, and rail transportation industries.
ContiTech currently has 1,800 employees in China.