Continental buying Veyance Technologies for $1.91BFebruary 10, 2014 @ 11:51 am
(AP) - German auto parts maker Continental says it is buying rubber and plastics maker Veyance Technologies Inc. from private equity firm The Carlyle Group for 1.4 billion euros ($1.91 billion).
Continental said Monday that 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 1.5 billion euros 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.
(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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