Green Car Congress  
Go to GCC Discussions forum About GCC Contact  RSS Subscribe Twitter headlines

« Researchers identify new class of non-flammable electrolytes for Li-ion batteries | Main | Calif. ARB releases GHG scoping plan update; more ZEVs, “LEV IV”, MD and HD regulations; ZEV for trucks; more LCFS »

Print this post

Continental to acquire Veyance Technologies for approximately $1.9 billion

11 February 2014

Continental has concluded an agreement with The Carlyle Group relating to the purchase of Veyance Technologies Inc. for approximately €1.4 billion (US$1.9 billion). Veyance operates globally in the field of rubber and plastics technology and in 2013 recorded sales of approximately €1.5 billion (US$2 billion), around 90% of which were achieved outside the automotive industry. The acquisition is subject to the approval of the responsible anti-trust authorities.

Veyance’s business and geographic presence complements Continental’s existing global footprint, and the planned integration of Veyance into our ContiTech division will expand our position in rubber and plastics technologies on a worldwide basis. Furthermore this acquisition will enable Continental to come a step closer to its strategic goal of increasing further our proportion of sales to industrial customers and private end users. ContiTech itself will achieve some 60% of its sales outside the automotive OE sector in future. Veyance will make an immediate positive contribution to the corporation’s profitability once the transaction has been concluded. The acquisition can be financed from cash and available credit lines.

—Dr. Elmar Degenhart, Chairman of Continental’s Executive Board in Hanover

Veyance Technologies achieves about half of its sales in the US. Other important markets are Latin America, Africa, China and further Asian countries. The product focus is on conveyor belts, hoses, power transmission belts and air springs.

February 11, 2014 in Brief | Permalink | Comments (0) | TrackBack (0)

TrackBack

TrackBack URL for this entry:
http://www.typepad.com/services/trackback/6a00d8341c4fbe53ef01a511697d6f970c

Listed below are links to weblogs that reference Continental to acquire Veyance Technologies for approximately $1.9 billion:

Comments

Verify your Comment

Previewing your Comment

This is only a preview. Your comment has not yet been posted.

Working...
Your comment could not be posted. Error type:
Your comment has been posted. Post another comment

The letters and numbers you entered did not match the image. Please try again.

As a final step before posting your comment, enter the letters and numbers you see in the image below. This prevents automated programs from posting comments.

Having trouble reading this image? View an alternate.

Working...

Post a comment

Green Car Congress © 2014 BioAge Group, LLC. All Rights Reserved. | Home | BioAge Group