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

Image

High pressure RTM systems moving from Europe to Mexico

November 20, 2014 4:24 pm ET

Engel Holding GmbH's subsidiary in Mexico says it has sold the first high pressure resin transfer machine system (HP-RTM) in the Americas to a...    More

Image

Thomson Plastics opens N.C. plant

November 20, 2014 3:12 pm ET

Custom injection molder Thomson Plastics Inc. has opened a new manufacturing facility in Lexington, N.C.    More

Image

Coveris changes culture, eyes IPO

November 20, 2014 1:40 pm ET

CEO Gary Masse has a simple message, and some new math, for everyone at Coveris Holdings Corp. Get on board or get out of the way.    More

Image

Total to buy majority stake in Polyblend

November 20, 2014 10:04 am ET

French oil and gas giant Total SA will buy a 68 percent stake in Germany's Polyblend GmbH, a subsidiary of Polymer-Chemie GmbH.    More

Image

Inspection system eyes carbon fiber automotive production

November 19, 2014 9:00 am ET

Pixargus GmbH, the company that created GoalControl, a 14-camera inspection system used to detect if a ball crossed the goal line at the World Cup thi...    More

Market Reports

Plastics in Brazil - State of the Industry Report

This in-depth report examines the Brazilian plastics industry from a historical and geographical context. Our analysts provide insight on economic trends and forecasts, growing manufacturing sectors that utilize plastics, private investment opportunities, market environment challenges, and innovations in R&D.

Data tables and charts on producer prices, trade, plastics production and end market indicators is also included.

Learn more

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 Molders Market Report & Ranking 2014

This special package contains our 132-page 2014 Market Report on the Injection Molding segment and our exclusive 2014 RANKINGS database of 500+ Injection Molders for a discounted package price.

Learn more

Upcoming Plastics News Events

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

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

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

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

October 27, 2015 - October 29, 2015Plastics Financial Summit - New York - 2015

More Events