Continental to Buy Veyance

Posted by CSH on 2/11/2014 to Industry news
Europe’s second-largest maker of car parts agreed to buy Veyance Technologies Inc. The ContiTech unit, which makes hoses, conveyor belts and artificial leather, employs 29,700 people and generated about 3.9 billion euros in sales last year. Veyance, previously known as Goodyear Engineered Products, was bought by Carlyle for $1.5 billion in 2007. Combined with Veyance, the Continental unit will have sales of about 5.4 billion euros and employ 39,000 people globally.
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