ContiTech acquiring another conveyor company in Sweden

Stockholm – Continental is making its fourth conveyor belting acquisition in Sweden in the past year-and-a-half, further increasing its presence in the country’s mining industry.

In a press statement, the German group's ContiTech business said it was taking over conveyor and maintenance company Vertech AB, based in Kiruna, northern Sweden.

The acquisition, the value of which was not disclosed, is subject to approval by the relevant antitrust authorities, noted the 1 Nov announcement.

Operational since 2002, Vertech is a service provider for the conveyor industry in the Kiruna and Svappavaara mining areas of Sweden as well as Narvik in Norway.

The acquisition, said ContiTech, marked “the next step to offer a fully comprehensive product, service and solution package to its industrial customers in Sweden and other countries in northern Europe.”

The Vertech site in Kiruna will be Continental’s northernmost location.

The acquisition is “a milestone” to support the exploitation and use of rare earth from the region, said Song Qi, head of ContiTech’s industrial solutions EMEA.

Continental’s latest acquisition in the field of mining in Sweden, follows three takeovers in the same sector last year. (ERJ report)