CLEVELAND (Oct. 9, 2012)—Parker Hannifin Corp.'s Mobile Climate Systems Division has completed the sale of its automotive air conditioning unit to ContiTech A.G.
The business has five plants in Mexico, China, Czech Republic and South Korea and annual sales of about $140 million. It employs about 1,000.
Terms of the transaction weren't disclosed.
The unit makes hose and tube assemblies, accumulators, receiver dryers, and air coolant assemblies for the passenger and light truck markets.
The deal does not include the segment of Cleveland-headquartered Parker Hannifin that sells those products in the heavy truck, agricultural and construction equipment markets.
In August when the sale was announced ContiTech said it is one of the largest acquisitions in the company's history. Parker-Hannifin said the business is automotive-related, and better suited for ContiTech, since its own focus is on non-automotive products.