United States. Under the ten-year agreement, ITT will supply Continental's ATE brand of brake pads with sustainable copper-free pads and ceramic pads.
ITT announced that it has signed a ten-year strategic agreement for the supply of aftermarket brake pads to Continental. The deal is expected to generate more than a billion dollars in revenue over the term, the company says.
Under the agreement, ITT Friction Technologies (which operates within the Motion Technologies segment accounting for more than 45% of the company's total revenue) will supply Continental's ATE brake pad brand with copper-free sustainable pads and ceramic pads for improved performance, the company says.
The contract begins on January 1, 2024, immediately after the current agreement expires, and runs until December 31, 2033.
"Continental is an iconic name in the automotive space and we are honored to expand our partnership with them," said ITT CEO and President Luca Savi.
"This agreement demonstrates the confidence that Continental and car owners have in ITT's ability to deliver quality products on time. We are excited about the value created for ITT and Continental through this ongoing partnership."
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