Continental acquires US-based belting producer WCCO Belting, headquartered in North Dakota, USA. With this acquisition, the expertise firm enhances its conveyor belting buyer portfolio and strengthens its Conveying Solutions enterprise within the agricultural trade.
Additionally, gear producers, distributors, sellers, and farmers will profit from a mixed product and repair portfolio producing a full multi-tier providing that may allow higher help and repair. Both events have agreed to not disclose the phrases of the transaction.
Philip Nelles, member of Continental’s Executive Board and head of the ContiTech Group Sector, stated, “This strategic acquisition is a threefold perfect fit: portfolio, sales market and people. Moreover, we continue our transformation towards a holistic solutions provider in one of the growing industries, namely the off-highway industry.”
Continental expects that international demand for meals and feed will proceed to rise and alter within the coming many years. World Business Council for Sustainable Development, FReSH perception report and the Boston Consulting Group estimate that the development can be primarily based on international fast inhabitants development within the international center class: With practically 5 billion individuals in 2030, their share could have elevated nearly fivefold over the previous three many years.
With three-fourths of WCCO’s enterprise within the agricultural trade, the corporate’s product portfolio has a powerful market place, serves a complementary buyer base, and enjoys a beneficial international status. Additionally, combining each product portfolios generates a full multi-tier providing that allows higher help to producers, distributors, sellers, and farmers.
Tom Shorma, CEO and President, WCCO Belting stated, “We perfectly fit to Continental as we share the same passion for our industries. Everything we do is to better support our current and prospective customers’ needs based on our longstanding experience and our team’s dedication to contributing to the process of creating custom rubber products that impact businesses across the world. We are very much looking forward to our future common path.”
WCCO Belting manufactures and distributes farm equipment purposes reminiscent of draper belts, baler belts, pickup belts, tube conveyor belts, merger belts, in addition to industrial belt purposes for materials and package deal dealing with, recycling, forestry, and aggregates.
Source: www.financialexpress.com”