Continental has concluded its acquisition of the U.S. rubber company Veyance Technologies Inc, of Fairlawn, Ohio, following approval from antitrust authorities.

International automotive supplier, tyre manufacturer and industrial partner Continental is boosting its worldwide industrial business with this acquisition, which is the most significant acquisition in recent corporate history. The transaction is valued at 1.4 billion Euros.
Veyance operates globally in the field of rubber and plastics technology and has 27 plants around the world.

Heinz-Gerhard Wente, a member of Continental’s Executive Board and CEO of the ContiTech division commented, “Veyance will complement ContiTech in markets in which we have been underrepresented up till now.”

Because of the significance of the acquisition, antitrust authorities worldwide had spent the last eleven months scrutinising the purchase and its impact on the respective markets. In response to the structural concerns expressed by some of the antitrust authorities, Continental will divest Veyance’s air springs business in NAFTA and its current steel-cord belting business in Brazil.