Continental Acquires Automotive Aftermarket Belt Business of CRP Industries
October 11, 2019—
Continental has acquired the assets and business of CRP Industries’ Continental-related belt and belt kits program. As a result, the technology company has brought all of its Continental-branded aftermarket belt products under its North American business. The acquisition specifically comprises import and domestic Continental-branded multi-v belts, accessory drive kits, v-belts, timing belts, Pro Series kits, Pro Series Plus kits and Black Series kits. CRP Industries will continue its strong presence in the aftermarket selling other non-Continental brands that include Rein Automotive parts, Pentosin technical fluids, Ajusa gaskets, and AAE Steering products.
“We are excited to bring all Continental products sold in North America under our own North American aftermarket business. In addition to continue providing our strong all-makes program, this integration will help us to be one of the leading providers in the import market,” said Rolf Sudmann, who is heading the global automotive aftermarket belt business within Continental. “This will bring clarity to branding for both Continental’s and CRP’s customer. Combining the strengths of each business, we will ensure each of our customers will be provided a one-stop shopping experience.”
“Continental has been a valued partner for more than 65 years, and a mutual respect and collaboration has been the foundation of our relationship during that time,” said Dan Schildge, CEO, CRP Industries. “We are proud to have built the Continental brand in the market. This transaction brings alignment to the Continental product lines while allowing CRP to focus on further defining our brand and product offering around solving the advancing technology challenges faced by todays repair technicians. We believe it is in the best interest of our customers, and we will do everything in our power to ensure that the transition will run smoothly.”
In support of the customer first mindset, both Continental and CRP emphasized that the collaborative transition will be gradual to enable customers on both sides to become accustomed to the new arrangement of products and services. Financial terms of the acquisition were not disclosed.