Continental To Acquire Veyance Technologies Inc. From The Carlyle Group

10.02.2014 16:17

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Continental to acquire Veyance Technologies Inc. from The Carlyle Group

Continental AG, Hanover, Germany, has signed an agreement to acquireVeyance Technologies Inc., Fairlawn Ohio, USA, for 1.9 billion US-Dollar.The business of Veyance comprises engineering, manufacturing and sellingproducts made of rubber and plastics, predominantly for industrialapplications.In 2013, Veyance Technologies Inc. has generated revenues of approximately2 billion US-Dollar, of which more than 50% are allocable to theNAFTA-Region. The business has approx. 9,000 employees and has their mainproduction and engineering facilities in the U.S., Canada, Mexico, SouthAmerica and China. It produces and supplies, inter alia, conveyor belts,industrial hoses, air spring systems and power transmission belts. The business generated an EBITDA of 270 mn US-Dollar in 2013.Upon closing of this transaction, the acquired business is planned to beintegrated into Continental's ContiTech Division, which generatedaccording to preliminary data revenues of 3.9 bn EUR and an EBITDA of 576mn EUR in 2013.The transaction is subject to merger control clearance. 

Hanover, February 10, 2014
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