ContiTech, a subsidiary of German automotive supplier Continental, has acquired 100% of the shares of Cadna Rubber Company – American automotive parts distributor, a move which strengthens its position in the automotive aftermarket in the US.
ContiTech, based in Memphis, Tennessee, primarily sells power transmission belts, hoses, and metal components to retail and wholesale channels. The company has sales of approximately $15m and employs 30 people.
ContiTech Power Transmission Group business unit head Konrad Muller said that Cadna is strategically positioned to provide dynamic growth for the company’s automotive aftermarket within the US.
“We plan to extend Cadna’s product range in the future, enabling growth throughout the existing customer network. This acquisition will provide another platform for the distribution of our products in the NAFTA region,” Muller added.
Cadna CEO Devin Hart said, “In ContiTech we have found the right technology partner who will help us to achieve our growth objectives in North America.
“ContiTech is among the leading suppliers in the Automotive OE market. Our customers will benefit greatly from the industry expertise they provide,” Hart added.
ContiTech develops and produces functional parts, components and systems for the automotive industry and other important industries. ContiTech currently has a workforce of approximately 29,700 employees. In 2013 it recorded sales of about €3.9bn.