By Mike McNulty, Crain News Service
FAIRLAWN, Ohio (Feb. 2, 2015) — Continental A.G. has finalized its acquisition of Veyance Technologies Inc. — the former Goodyear engineered products business — for about $1.58 billion after it received approval from the Brazilian antitrust authority on Jan. 29.
Brazil's approval, which comes with some conditions, eliminates all obstacles in Continental's path to purchase the hose, conveyor belt and transmission belt manufacturer from Carlyle Group.
ContiTech A.G., a division of Continental, will almost double its North American revenues with Veyance in the fold.
Continental received conditional approvals from the U.S. and Mexico in December and received the go-ahead from countries in Europe earlier in 2014.