HANOVER (dpa-AFX) - ITT Inc. (ITT) announced Monday that the company has signed a 10-year strategic agreement for the supply of aftermarket brake pads to German automotive supplier Continental AG (CTTAY.PK). The agreement is expected to generate more than $1 billion in revenue over the term.
The contract begins on January 1, 2024, immediately after the current agreement expires, and extends until December 31, 2033. ITT and Continental have been partners in the automotive aftermarket for more than 45 years.
Under the agreement, ITT Friction Technologies will provide exclusive aftermarket brake pads to Continental. ITT Friction operates within the Motion Technologies segment that accounts for over 45% of total company revenues.
ITT will supply Continental's premium brake pads brand, ATE, with sustainable copper-free pads and ceramic pads for enhanced performance.
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