Veyance Technologies, Inc.
Conti Veyance

Continental buys Veyance Technologies Inc. for $1.9 billion

February 2014
ContiTech, a division of Continental AG, has reached an agreement with the Carlyle Group to purchase Veyance Technologies Inc. for $1.9 billion, subject to regulatory approvals and other closing conditions. The merger will result in an extended product portfolio, applications and services worldwide.
 
The review and approval process of the purchase is expected to take several months to complete before closing occurs. During this period, Veyance Technologies Inc. will continue to operate as usual with the same personnel, high quality products, applications and services.
 
The two successful companies complement each other in the areas of product and geographies, as well as combined advances in rubber and plastics technologies worldwide.

“We are proud of what the Veyance Technologies Inc. team has accomplished and believe the combination of Veyance and Continental will even more effectively meet the needs of our customers globally,” says Martin Sumner, Managing Director of The Carlyle Group.

The merged forecasted sales of ContiTech and Veyance Technologies Inc. will total approximately $7.2 billion per annum, with an estimated total employment of 39 000 people worldwide, taking Continental AG to roughly 186 000 employees globally.

Veyance Technologies Inc. will complement the ContiTech division in key markets where its presence is limited, particularly in the US and South America. Plants in Mexico, Canada, China, Australia and South Africa will provide additional opportunities for the company.

“ContiTech and Veyance are a great fit for each other,” says Avril Botha, Managing Director of Veyance Technologies Africa. “In addition to the location and product mix, we bring an organisation and culture that delivers on our commitments of superior product quality and service levels to our customers, employees, and our communities. We look forward to becoming valuable members of the ContiTech team to continue building upon our shared culture of innovation and providing value to customers.”
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