Continental to purchase Veyance Technologies

Mike McNuly
RUBBER & PLASTICS NEWS

Published: February 10, 2014 2:37 pm ET
Updated: February 10, 2014 2:40 pm ET

Related to this story

Topics Mergers & Acquisitions, Automotive

Continental AG plans to purchase Veyance Technologies Inc. from the Carlyle Group for an estimated $1.91 billion.

Once the transaction, subject to the approval of antitrust authorities, is complete, Veyance will be integrated into Continental's ContiTech AG division. The deal will expand the division's position in rubber and plastics technologies on a global basis, said Elmar Degenhart, chairman of Continental's executive board in Hanover, Germany.

Pro forma sales from a ContiTech-Veyance merged operation would be more than $7.3 billion, and the combined firm would employ about 39,000. Veyance achieves about half its sales in the U.S.

Veyance, based in Fairlawn, Ohio, "will complement our ContiTech division in key markets where our presence is limited, particularly in the U.S. and South America," according to Heinz-Gerhard Wente, a member of Continental's executive board and CEO of the ContiTech division.

"Veyance and ContiTech complement each other geographically, and ContiTech's Conveyor Belt Group and Fluid Technology business units in particular will benefit from an enhanced global presence.

"The Power Transmission Group and Air Spring Systems [business units] also will achieve positive results from the merger."

Veyance has 27 plants spread around the world and a work force of about 9,000 employees.


Comments

Continental to purchase Veyance Technologies

Mike McNuly
RUBBER & PLASTICS NEWS

Published: February 10, 2014 2:37 pm ET
Updated: February 10, 2014 2:40 pm ET

Post Your Comments


Back to story


More stories

Unipex Group buys Ferguson Chemical Innovation

July 29, 2014 1:57 pm ET

Chemical distributor Unipex Group Inc. announced July 29 that it had purchased Ferguson Chemical Innovation, a Brampton, Ontario-based supplier of...    More

Image

Magna expanding interiors site in Slovakia

July 29, 2014 1:47 pm ET

Magna International Inc. plans to nearly double the size of its manufacturing facility in Trnava, in western Slovakia, to accommodate new automotive...    More

Image

Universal Polymer beefing up capabilities through acquisition

July 29, 2014 12:04 pm ET

Universal Polymer & Rubber Ltd. is growing again and adding to its capabilities, this time via another acquisition and a plant expansion.    More

Image

Reynolds considering sale of Closure Systems International unit

July 29, 2014 10:32 am ET

Packaging giant Reynolds Group Holdings Ltd. has put its closures business under review.    More

Image

Carbon black supplier Orion begins trading on NYSE

July 29, 2014 11:29 am ET

Orion Engineered Carbons S.a.r.l. has priced the initial public offering of 19.5 million common shares at a price to the public of $18 per share.    More

Market Reports

Plastics Recyclers Data Report & Directory

This exclusive MS Excel database contains all the companies from Plastics News' ranking of top North American Recyclers and Brokers by reprocessed volume and also includes a directory with materials processes, services offered and company contact information. Data is based on primary research by PN editorial staff.

Learn more

2014 Injection Molding Industry Report

GROWTH, OPPORTUNITY IN SIGHT FOR INJECTION MOLDERS IN 2014

In the wake of the economic turbulence earlier in this decade, molders today find themselves in much better shape. Molders are gaining a competitive advantage by investing in people, equipment and seeking inroads into new markets on a global scale.

Growth in the injection molding industry is going to be driven by low financing costs and a continued move to reshore some business.

Learn more

Shale Gas Market - Analysis of North American Region

This report highlights the impact of shale-based natural gas on the North American plastics market and features an in-depth analysis of production trends in the United States during 2013 and a forecast for 2014 and beyond.

Learn more

Upcoming Plastics News Events

September 10, 2014 - September 12, 2014Plastics Caps & Closures 2014

January 14, 2015 - January 14, 2015Plastics in Automotive

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

More Events