US – The tyre manufacturer, headquartered in Germany, has agreed a price of €1.4bn with The Carlyle Group in the US for the rubber and plastics company, which has 27 plants worldwide and a workforce of around 9,000.
“Veyance’s business and geographic presence complements Continental’s existing global footprint,” commented Elmar Degenhart, chairman of Continental’s executive board in Hanover. Veyance Technologies will be integrated into ContiTech to support the division in key markets such as the US and South America, where it currently has a limited presence.
Last year, Veyance achieved 90% of its €1.5bn sales outside the automotive industry. “ContiTech itself will achieve some 60% of its sales outside the automotive OE sector in future,” said Degenhart.
The acquisition is subject to the approval of the anti-trust authorities.