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ContiTech Sells Veyance Technologies' Air Springs Business in the NAFTA Region
- Divestiture required by anti-trust authorities in the U.S., Mexico and Brazil
- Around 530 employees affected by transaction
ContiTech entered into an agreement to sell Veyance Technologies' North American air springs business to Charlotte-based EnPro Industries Inc. The air springs business will be managed as part of EnPro's STEMCO division. The divestiture had been required by anti-trust authorities in the U.S., Mexico and Brazil as part of ContiTech's acquisition of Veyance Technologies in January 2015. The transaction includes approximately 500 employees in San Luis Potosi, Mexico, and about 30 commercial and R&D employees in Fairlawn, Ohio, U.S. and Canada.
"With EnPro's STEMCO business we have found a good home for Veyance's air springs team in North America. We secured approximately 530 jobs in Mexico, the U.S. and Canada," said Hans-Jürgen Duensing, member of the Continental Executive Board and head of the ContiTech division. Terms of the transaction were not disclosed. The transaction is subject to regulatory approval and expected to close in July.
With Veyance Technologies Inc., the most important acquisition in ContiTech's history, Continental has strengthened its global industrial business and reduced exposure to automotive OE markets, a strategic goal of ContiTech. Following the takeover of Veyance, the proportion of industrial business increased from 42 to 54%. Veyance is active around the world in rubber and plastics technology, with revenue of around €1.5 billion in 2014, nearly 90% of which comes from industrial business. At the end of 2014, the company employed 8,500 people in 27 plants worldwide. Veyance generates roughly half of its sales in the U.S. Other important markets include Latin America, Africa, China, and other Asian countries. Conveyor belts, hoses, and drive belts are the focus of its product range.
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