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Continental AG unit eyes overseas purchases to boost sales
April 9, 2013 / 2:13 PM / 4 years ago

Continental AG unit eyes overseas purchases to boost sales

HANOVER, Germany, April 9 (Reuters) - German auto parts maker Continental’s rubber and plastics division is targeting further acquisitions in overseas markets this year to boost sales.

Contitech, accounting for about 10 percent of last year’s group sales of 32.7 billion euros ($42.57 billion), wants to expand its own sales by another 4 percent this year, the same as in 2012, division chief Heinz-Gerhard Wente told reporters on Tuesday at the Hanover industrial fair.

Contitech, which earns two thirds of its sales in Europe, aims to expand operations “through organic growth, but also through targeted purchases,” Wente said.

“We want to grow in future-oriented industries and international markets,” the executive added. Wente cited Asia as well as North and South America, though ruled out major multi-billion-euro takeovers.

ContiTech said last December it would spend about 13 million euros on a Russian facility in Kaluga to make air conditioning and power steering cables, expanding its business after its purchase of U.S.-based Parker Hannifin Corporation’s automotive air-conditioning pipe operations.

$1 = 0.7682 euros Reporting by Tom Kaeckenhoff; Writing by Andreas Cremer; Editing by Helen Massy-Beresford

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