HANOVER, Germany—ContiTech has completed the previously announced purchase of the Weissbach, Germany-based Hornschuch Group following the approval of responsible antitrust authorities.
The acquired business is a manufacturer of decorative and functional films, high-performance synthetics and imitation leather for the furniture, construction, and automotive industries.
The unit will now be integrated into ContiTech's Benecke-Kaliko business unit, which is a surface specialist for mainly the automotive industry.
Dirk Leiss, chairman of the executive board of Benecke-Kaliko A.G. said the purchase was made to allow the company to grow with the primary objective, "to strengthen our industrial business so that it can catch up with the growth rates of our automotive business."
In the 2015 fiscal year, Hornschuch generated sales of $430 million with more than 1,800 employees working at four production sites in Germany and the U.S.
Benecke-Kaliko, a business unit of the Continental Corp., develops and manufactures surface materials for passenger and commercial vehicles at seven locations in Germany, China, Mexico, Poland, and Spain. The unit achieved sales of approximately $578 million in 2015.