Continental AG, Hanover, Germany, has closed its €1.4 billion (US$1.6 billion) purchase of U.S. rubber company Veyance Technologies Inc., Fairlawn, OH. The deal, announced a year ago, finally gained approval from the Brazilian antitrust authority CADE (Council for Economic Defence).
Veyance, a spinoff of Goodyear Tire & Rubber Co. with a workforce of 8,500 and annual revenue of $2 billion, will become part of Continental's ContiTech division.
"By integrating Veyance in our ContiTech division, we are expanding our global position in rubber and plastics technologies," said Elmar Degenhart, chairman of Continental's executive board. "In addition, this acquisition will bring Continental a significant step closer to its strategic goal of further increasing the proportion of industrial and end-customer business in its sales."
