ContiTech buys silicone hose maker, Thermopol

Hanover, Germany -- ContiTech AG has taken over the English hose manufacturer Thermopol International Ltd., based in London.

In 2006, Thermopol posted sales of GBP31 million (approx. EUR45 million). It has a workforce of about 500 in the UK, USA, Romania and Korea. The Company is a global designer, developer and producer of high-performance, silicone rubber hoses primarily for the truck, bus and automotive industries. Thermopol was previously owned by private investment funds advised by London-based MPC Partners LLP and Montagu Private Equity Limited.

"The acquisition fits very well into the strategy of ContiTech," says Heinz-Gerhard Wente, member of the Executive Board of ContiTech AG. "Above all the existing factories in North America, Romania and Korea offer an excellent point of departure for further qualified expansion in markets with above-average growth figures for high-temperature hoses. The plant in the US will enable us to better serve the customers in North America." Greg MacLeod, chairman of Thermopol International and managing partner of MPC notes: "We have great respect for the quality of the ContiTech team and are convinced that Thermopol will be able to exploit its growth potential even more fully in combination with Continental".

ContiTech's Fluid Technology business unit is a major specialist for hoses and hose lines and posted sales of EUR994 million in 2005. The business unit has around 9,000 employees worldwide.

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Press release from Contitech