Continental will purchase Veyance Technologies, a global leader in the field of rubber and plastics technology, from The Carlyle Group for €1.4 billion. Veyance will be integrated into Continental’s ContiTech division, the world’s largest supplier of conveyor belts.
Veyance has 27 plants around the world and a workforce of about 9000 employees at the end of 2013. The acquisition is subject to the approval of the responsible anti-trust authorities.
“Veyance Technologies will complement our ContiTech division in key markets where our presence is limited, particularly in the US and South America. Plants in Mexico, Canada, China, Australia and also South Africa will provide additional opportunities,” explained Heinz-Gerhard Wente, member of the Executive Board of Continental AG 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.”
In 2013 ContiTech’s and Veyance’s merged pro forma sales will add-up to approximately €5.4 billion with about 39 000 employees worldwide. Veyance Technologies achieves about half of its sales in the US.
“ContiTech and Veyance are a great fit for each other,” says John S. Hamilton, CEO of Veyance Technologies Inc. “In addition to the complementary geographic and product mix, we bring an organization and culture which delivers on our commitments to customers, employees, and our communities. We look forward to becoming valuable members of the ContiTech team to continue building upon our shared culture of innovation and providing value to customers.”
Adapted from press release by Jonathan Rowland
Read the article online at: https://www.worldcoal.com/handling/11022014/continental_buys_veyance_technologies_coal/