Business News

ContiTech Sells Phoenix Sealing Technology

Monday 04. August 2008 - New owner takes on all 250 employees • Plants in Waltershausen (Thuringia) and Hamburg to remain open

ContiTech AG, Hanover, a division of Continental AG, has sold Phoenix Dichtungstechnik GmbH, Hamburg, retroactively as of June 30, 2008. The new owner is the financing and investment company GermanCapital GmbH, Munich, in coorporation with the financial services firm Morgan Stanley. The workforce of approximately 250 as well as the plants in Waltershausen (Thuringia) and Hamburg will be taken on by the new owner. Both sides have agreed not to disclose the purchase price.

“In the acquisition agreement with Phoenix, we had already stated that we would look for a suitable purchaser for Phoenix Dichtungstechnik, as this area did not fit in with our core business,” says Gerhard Lerch, chairman of the Executive Board of ContiTech AG. “Today’s decision is positive for the employees and both companies.”

Phoenix Dichtungstechnik produces profiles and frames for structural and underground construction as well as waterproof sheeting, especially for roof sealing. The company posted sales of €65 million in 2007.

GermanCapital GmbH is an independent financing and investment company for medium-sized company. It invests in companies on its own and together with strong partners. Morgan Stanley is a leading globally operating financial services firm. With its Special Situations Group, it is one of the leading European investors in the area of restructuring projects and expansion growth financing in the mid-cap market.