A PYMNTS Company

Germany: Car parts firm boosts independence with $2B buyout

By  |  February 10, 2014

Europe’s second-largest car parts manufacturer Continental AG inked a deal to acquire US-based Veyance Technologies, reports say, in a move that will strengthen the German company’s independence from other car parts and tire makers.

Continental will buy Veyance from current owner Carlyle Group in a deal worth about $1.9 billion. The acquisition will broaden Continental’s portfolio beyond car parts an into industrial hose and conveyer belt manufacturing.

Reports say Continental’s buy will immediately boost its profits as the company chases a fifth-consecutive year of record sales.

Full Content: Bloomberg

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.