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 Automotive Mergers & Acquisitions
Companies & Associations

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

Image

Ford moving forward in carbon fiber for 'high volume' use

April 17, 2015 10:21 am ET

Ford Motor Co. has signed a deal with a carbon-fiber manufacturer to jointly explore “high-volume” automotive uses for the lightweight...    More

Image

German auto supplier opening first US plant

April 17, 2015 11:00 am ET

Automotive supplier EuWe Eugen Wexler U.S. Plastics Inc. is investing $11.1 million to open a manufacturing facility in Anderson County, S.C., the...    More

Image

Zoltek expanding CF capacity in Europe

April 17, 2015 10:12 am ET

Leading carbon fiber group Zoltek Corp. has signed a strategic agreement with the Hungarian government to expand its operation in northern Hungary,...    More

Image

Spain's Grupo Antolin to buy Magna's interiors business

April 16, 2015 12:33 pm ET

Spain's Grupo Antolin has reached an agreement to purchase Canadian auto supply giant Magna International Inc.'s interiors unit in a deal valued at...    More

Image

Hanwha Azdel adds capacity in Lynchburg

April 16, 2015 2:01 pm ET

Composite maker Hanwha Azdel Inc. will add space and a new production line at its Lynchburg, Va., production facility, the company announced April 16.    More

Market Reports

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Injection Molding Market Analysis & Processor Rankings

Plastics News BUNDLED package contains our in-depth Market Analysis of the Injection Molding segment. You will gain keen insight on current trends and our economic outlook.

As a BONUS this includes PN's updated 2014 database of North American Injection Molders RANKED by sales volume. Sort, merge, mail & prospect by end market, materials processed, region, # of plants and more.

Learn more

Plastics Caps & Closures Market Report

The annual recap of top trends and future outlook for the plastics caps & closures market features interviews with industry thought leaders and Bill Wood’s economic forecast of trends in growing end markets. You will also gain insight on trends in caps design, materials, machinery, molds & tooling and reviews of mergers & acquisitions.

Learn more

Upcoming Plastics News Events

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 15, 2015 - September 17, 2015Plastics Caps & Closures - September 2015

More Events