Motion and control technologies provider Parker Hannifin has completed the sale of its Mobile Climate Systems Division's automotive air conditioning business to German rubber and plastic technology provider ContiTech.
Parker Hannifin's automotive air conditioning business produces hose and pipe assemblies, accumulators, receiver dryers and oil coolant assemblies for the passenger car and light truck markets.
The transaction excludes the Parker portion of the business that sells these same products for air conditioning applications or hose products in the heavy truck, agricultural, and construction equipment end markets.
Part of the Climate and Industrial Controls segment, the automotive air conditioning business has annual sales of about $140m and 1,000 employees.
ContiTech develops and produces functional parts, components and systems for the automotive industry and other important industries.