The ContiTech Conveyor Belt Group steps up its stake in Eastern Europe
The ContiTech Conveyor Belt Group, Northeim, has purchased the Serbian conveyor belt company Univerzal Kolubara d.o.o. The acquisition was concluded on April 6, 2009. “This is an important building block in our strategy of establishing a firmer foothold on the Eastern European market. At the same time it guarantees us a stable base for expanding business outside the automotive industry," noted Heinz-Gerhard Wente, member of the ContiTech AG Executive Board, after the agreement was signed. Founded in 1963 and headquartered in Veliki Crljeni, to the south of Belgrade, the company, which makes conveyor belts for the local market, currently employs 250. The purchase price was in the one-digit million euro range.
ContiTech intends to invest in production at the location to meet the demand for conveyor belts. “This plant gives us an excellent base in a region rich in lignite coal. Following the purchase of Matador in Slovakia, the merger with Kolubara provides us the wherewithal to be successful in Eastern Europe,” says Hans-Jürgen Duensing, head of the ContiTech Conveyor Belt Group business unit.
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