HANOVER, Germany (June 14, 2012)—ContiTech A.G. plans to purchase Freudenberg Sealing Solutions' molded brake component operation in Weinheim, Germany, and has bought conveyor belt manufacturer Specialised Belting Supplies Ltd., based in Thetford, England.
Both companies are of strategic significance to ContiTech, said CEO Heinz-Gerhard Wente.
He said the brake component business purchase improves the firm's position in the automotive sector while the conveyor belt operation opens the door for new growth opportunities.
Financial details were not disclosed. The transfer of the molded components business from Freudenberg is subject to approval by antitrust authorities.