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Continental net income up almost a quarter in “extremely successful” 2014

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The CEO of Continental Corporation has described 2014 as “another extremely successful financial year” and confirmed that all targets set for the year were reached. “When evaluating the results, we should not overlook the fact that there was, in some cases, very weak growth in Europe, Russia, and South America,” elaborated Dr. Elmar Degenhart. “There were also significant exchange rate fluctuations. In addition, the mild winter at the end of 2014 had a negative impact on the winter tyre business in Europe. The driving force behind the sales development once again came from China and North America. In light of this, it is remarkable that profit after taxes of just under €2.4 billion or €11.88 per share could be achieved.”

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ContiTech buys former Goodyear business Veyance Technologies for 1.4 billion euros

Continental has concluded an agreement with equity firm The Carlyle Group to purchase Veyance Technologies Inc for roughly 1.4 billion euros. Veyance operates globally in the field of rubber and plastics technology and in 2013 recorded sales of approximately 1.5 billion Euro, around 90 per cent of which were achieved outside the automotive industry. Veyance has 27 plants around the world and a workforce of about 9,000 employees at the end of 2013. The Carlyle Group announced it had bought what was formerly Goodyear’s Engineered Products division for US$1.475 billion on 23 March 2007.

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Veyance Expands Presence into South America

Veyance Technologies, exclusive producer of Goodyear Engineered Products, is expanding its conveyor belt installation, splice and repair service footprint into South America. The company has acquired, subject to regulatory approval, leading Brazilian conveyor belt service provider RCT Servicos de Vulcanizacao Ltda., based in Belo Horizonte, some 600 kilometres north of Sao Paulo.

This is the third conveyor belt service acquisition announced by Veyance this year, including North America’s Monk Mining Supply based in Virginia and National Belt Service based in Alabama that cover US and Canada coal industry needs.

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Veyance Appoints Gingo to Board

Veyance Technologies Inc., exclusive manufacturer of Goodyear Engineered Products, has appointed Joseph Gingo, chairman and CEO of A. Schulman Inc., to its governing board. The election of Mr. Gingo increases the size of Veyance’s board to seven.

“Joe’s broad experience includes leading our business ten years ago when we were a division of The Goodyear Tire & Rubber Co.,” said Veyance president and CEO Tim Toppen in a statement. “He fully understands our customer-focused, market-back business philosophy and the importance of innovative products and services.”

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Former Goodyear Division Forms China Joint Venture

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Veyance Technologies Inc., formerly Goodyear Tire & Rubber’s Engineered Products division, has entered into a joint venture with Ruiyuan Rubber and Plastics Co. Ltd. to make conveyor belts in Yanzhou, China. Veyance said the new entity, Shandong Aneng Conveyor Belt & Rubber Co. Ltd., is the largest manufacturer of conveyor belts in China, with 20 production lines producing more than 12 million square metres of conveyor belts each year.

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Carlyle Group Closes Purchase of Goodyear Division

On 1 August global private equity firm The Carlyle Group announced it has closed its purchase of Goodyear’s Engineered Products Division. The transaction, valued at US$1.475 billion, was announced on March 23, 2007. Through a long-term license agreement, products will continue to carry the “Goodyear” brand, while the legal name of the company has been changed to “Veyance Technologies, Inc.”

Veyance Chief Executive Officer Timothy R. Toppen said, “We are excited about this new chapter in our history and we look forward to a strong and fruitful partnership with The Carlyle Group.”

Toppen said customers will continue to see the Goodyear Engineered Products brand they have known since 1898. “In addition, we have adopted a new corporate name – Veyance Technologies, Inc. It combines two critical components of our daily operations. Our products convey materials, fluids or power from one location to another and are designed to optimise performance for customers and end users.

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