WEINHEIM, Germany – Freudenberg yesterday signed an agreement to sell its European and U.S. Flexitech companies to long-term partner Mitsubishi Corp. Freudenberg will transfer the brake hose activities of the Flexitech companies to Mitsubishi Corp. and Meiji Flow Systems in January following approval by the anti-trust authorities. Terms of the agreement were not disclosed.

In a partnership which has lasted for more than 15 years, Freudenberg, together with Meiji Flow Systems, has become the market leader in the European brake hose segment. In addition, Meiji Flow Systems and Freudenberg have cooperated successfully in the U.S. since 1999.

Mitsubishi and Meiji intend to continue the globalization of their activities and to expand business in Europe and the U.S. through the purchase of the shares in Flexitech's European companies and the remaining shares in the Flexitech joint venture in the USA.

"Our objective is to become the market leader in brake hoses throughout the world, in addition to Europe," said Katsuhiko Aoki, general manager, Mitsubishi Corp.

With this divestiture, Freudenberg plans to concentrate on seal and vibration control technology as one of its core competences.

For more information about Freudenberg, go to: http://www.freudenberg-nok.com.