Parker Completes Auto Air Conditioning Sale
CLEVELAND (AP) — Parker-Hannifin, which makes industrial hoses, airplane wheels and other products, says it has closed on the sale of the automotive air conditioning business of its mobile climate systems unit to Germany's ContiTech AG.
The deal was announced in August. ContiTech said that the transaction would help strengthen its presence in Asia.
Financial terms were not disclosed.
The automotive air conditioning business makes hose and tube assemblies, accumulators, receiver dryers and oil coolant assemblies for the passenger car and light truck markets. It has annual sales of about $140 million.
Parker-Hannifin Corp. said Monday that the sale does not include the 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.
Shares of Parker-Hannifin, based in Cleveland, fell $1.09, or 1.3 percent, to $83.32 in morning trading Monday. Its shares are down 9 percent from $91.47 in late February. They traded as low as $67.51 last October.