Carlyle Group selling Veyance Technologies unit for US$1.91B
by The Associated Press
German auto parts maker Continental AG plans to incorporate business into its Contitech unit
HANOVER, Germany—German auto parts maker Continental AG says it is buying rubber and plastics maker Veyance Technologies Inc. from private equity firm The Carlyle Group for US$1.91-billion.
Continental said the deal will complement its existing operations and expand its position in rubber and plastics technology on a worldwide basis.
It plans to incorporate the business into its Contitech unit.
Veyance is based in Ohio and generated revenue of US$2.05-billion in 2013.
It has 27 plants worldwide and a workforce of about 9,000 employees.
The deal still faces anti-trust regulatory approval before it can close.