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Continental AG to acquire Konrad Hornschuch AG.

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Posted: July 19, 2016 at 4:11 pm   /   by   /   comments (0)

Germany’s Continental AG is nearing the acquisition of smaller domestic rival Konrad Hornschuch AG for roughly €400 million ($441 million), people familiar with the matter said.

Continental, the world’s second-largest automotive supplier by revenue, could as soon as this week announce a deal to buy Hornschuch the people said, adding that no final decision has been made yet.

The acquisition of Hornschuch would be unusual for Continental, which recently focused on buying companies specialized in autonomous driving and electro-mobility.

Hornschuch, founded in 1898, designs and produces artificial leather and so-called functional films for the automotive and building industries.

The move would strengthen Continental’s auto-interiors unit, Benecke-Kaliko, which reported revenue of roughly €550 million last year, compared with Continental’s overall revenue of €39 billion.

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