Continental has concluded its acquisition of the Veyance Technologies, following approval of the takeover from the Brazilian antitrust authority. The transaction is valued at €1.4 billion. The Brazilian decision follows approval by the US and Canadian authorities in mid-December last year.
As part of the approvals process, Continental are required to sell Veyance’s air springs business in the North American Free Trade Agreement area, as well as its current steel-cord belting business in Brazil. In total, around 600 employees work in the operations that are to be divested.
“By integrating Veyance into our ContiTech division, we are expanding our global position in rubber and plastics technologies. In addition, this acquisition will bring Continental a significant step closer to its strategic goal of further increasing the proportion of industrial and end-customer business in its sales,” said Dr Elmar Degenhart, Chairman of Continental’s Executive Board.
Written by Jonathan Rowland.
Read the article online at: https://www.worldcoal.com/handling/02022015/continental-conclude-purchase-of-veyance-technologies-coal1832/