Freudenberg-NOK to sell part of Corteco aftermarket unit

Plymouth, Michigan - Freudenberg-NOK is to sell specific assets of Corteco's North American Traditional Aftermarket Business to ROL Manufacturing. The deal is subject to standard closing pre-conditions and is expected to close next month.

The agreement includes the assets in the United States, Canada and Mexico which are related to Corteco Engine Gaskets & Seals, Omega Power Steering Hose, and MounTec Engine & Transmission Mounts.

Following the acquisition, the Newport, Tennessee, gasket manufacturing plant will be closed. The Newport facility employed approximately 37 hourly and salary employees. Manufacturing equipment and activity will be transferred to ROL Manufacturing's new manufacturing facility in Montreal, Canada.

The Omega Power Steering Hose manufacturing plant in Solon, Ohio, and the Corteco de Mexico business in Queretaro, Mexico will continue to operate as is and all employees are expected to be retained.

"This transaction will enable Freudenberg-NOK to focus on providing aftermarket sealing solutions in the transmission and power steering rebuilder market segments through its TransTec brand and to OE Service and Tier 1 customers through its Freudenberg-NOK and Corteco brands," states Tom Musgrave, president of the Corteco Division.

This is an external link and should open in a new window. If the window does not appear, please check your pop-up blocking software. ERJ is not responsible for the content of external sites.

Press release from Freudenberg-NOK