Parker Hannifin sells HVAC unit to ContiTech

CLEVELAND -- Parker Hannifin Corp. says it has signed an agreement to sell the air conditioning portion of its mobile climate systems division to ContiTech AG. Terms of the transaction were not disclosed. The company’s air conditioning unit has 1,000 employees and five factories which generate annual sales of $140 million. Parker Hannifin, which generates annual sales of $13 billion, is based in Cleveland. ContiTech is headquartered in Hanover, Germany.