Corteco Acquires Precision Automotive Industries

Corteco strengthened its position in the automotive aftermarket with the acquisition of Precision Automotive Industries (PAI), the Burnsville, Minn.-based supplier of bearings and seals.
Terms of the agreement were not disclosed.
“This product line addition is a natural fit with our current offering of engine gaskets, mounts and power steering hoses,” said Phillip A. Damaska, president of Corteco, the aftermarket business of Freudenberg-NOK. “We intend to grow this product offering of hubs, bearings and seals by developing industry leading coverage, producing superior products with appropriate marketing support and providing excellent product delivery.”
PAI product distribution will currently continue to be handled at the Burnsville location, allowing customers to use the same procedure as before to place orders.
Corteco is the aftermarket business of Plymouth, Mich.-based Freudenberg-NOK, a joint venture between Freudenberg & Co. of Germany and NOK Corp. of Japan.