HANOVER, Germany and MEMPHIS, Tenn. – ContiTech is strengthening its position in the automotive aftermarket in the U.S. The Hanover-based ContiTech Power Transmission Group has acquired 100 percent of the shares of the American automotive parts distributor Cadna Rubber Company Inc. in Memphis, Tenn. The deal became effective July 1. The company primarily sells power transmission belts, hoses and metal components to retail and wholesale channels.
"Cadna is strategically positioned to provide dynamic growth for our automotive aftermarket within the U.S.," says Konrad Muller, head of the ContiTech Power Transmission Group business unit. "We plan to extend Cadna’s product range in the future, enabling growth throughout the existing customer network. This acquisition will provide another platform for the distribution of our products in the NAFTA region."
Cadna has annual sales of approximately $15 million, and has 30 employees.
"In ContiTech we have found the right technology partner who will help us to achieve our growth objectives in North America," said Cadna CEO Devin Hart, who will stay on with the company as its general manager. "ContiTech is among the leading suppliers in the automotive OE market. Our customers will benefit greatly from the industry expertise they provide."
