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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.

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    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

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