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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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Goodyear to Build New Factories in Asia, Eastern Europe

On August 15 Goodyear made mention of plans to build new tyre factories in Asia and Eastern Europe in addition to expanding capacity at existing facilities. These new additions come as part of the tyremaker’s plans to increase global capacity for high margin tyre lines by 40 per cent and capacity in existing low-cost facilities by a third. According to Goodyear, these new plants and increased capacity will be instrumental in company plans to source half its global tyre production from low-cost countries by 2012.

The US tyre major also plans to inject funds into its facilities in Fayetteville, North Carolina, and Gadsden, Alabama, to increase their capacity for producing higher-margin tyre lines.

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USW, Carlyle Set New Contract, Goodyear Sale to Proceed

(Akron/Tire Review) The United Steelworkers and the Carlyle Group have reached agreement on a new five-year contract covering the four engineered products plants Carlyle is planning to acquire from Goodyear Tire & Rubber Co. The contract paves the way for completion of the sale agreement between Goodyear and the investment group. The contract covers some 1,600 workers at plants in St. Marys, Ohio; Lincoln, Nebraska; Sun Prairie, Wisconsin; and Marysville, Ohio.

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Goodyear Outlook Positive: S&P

(Akron/Tire Review) Standard & Poor’s has revised its outlook on Goodyear Tire & Rubber Co. to “positive” after the tiremaker agreed to sell its engineered products business to Carlyle Group’s EPD Inc.

The rating agency also affirmed Goodyear’s “B+” long-term and “B-2” short-term corporate credit ratings.

Yesterday, Goodyear shares rose 4.9% and closed at $31.76 on the New York Stock Exchange.

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Carlyle Group Joins IRSG’s Panel of Associates

The International Rubber Study Group has announced that The Carlyle Group has joined IRSG’s Panel of Associates. Established in 1987, The Carlyle Group is a private global investment firm that originates, structures and acts as lead equity investor in management-led buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, and growth capital financings.

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BorgWarner Executes Majority Takeover of BERU

BorgWarner Germany GmbH, Heidelberg, has announced that the closed share purchase agreement to purchase the majority of BERU AG’s shares, has been enforced. The announcement follows confirmation that BorgWarner Germany had agreed a share purchase agreement with The Carlyle Group and a group of family shareholders. This agreement accounted for 62.21per cent of BERU AG’s shares.

As a result, two representatives of the Carlyle Group (Mr Gregor Böhm and Mr Heinrich Rutt) and two other businessman resigned from the supervisory board.

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Kumho In Talks With Pension Fund?

Following the breakdown of talks between Kumho and the consortium led by JP Morgan Chase and Carlyle Group, concerning the sale of 80 per cent of Kumho’s Tyre Division, a media report from Korea says that talks are on-going with the South Korea Military Pension Fund to buy the company. Neither the fund, nor Kumho, nor the state-run Korea Development Bank, which the report says would provide funding for any deal, would comment on the report.

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Kumho Talks Come To Nothing

The talks between the Kumho Group and the US consortium of JP Morgan Chase and the Carlyle Group, aimed at selling Kumho’s tyre division, have broken down. The disagreement was over prices, with a Kumho spokesman quoted as saying that the consortium’s offer price was “really cheap” and unacceptable. Earlier in the year, the two sides signed a memorandum of understanding to sell 80 per cent of the Kumho Tyre, but this expired in November with no deal finalised. Kumho says it is talking to another – as yet unnamed – buyer.

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Memorandum Of Association Signed For Kumho Purchase

A Memorandum of Understanding was signed this week regarding the purchase of 80 per cent of the tyre manufacturing business of Kumho. The buying consortium is headed by JP Morgan Chase and includes US equity fund Carlyle Group. At an estimated $1.5 billion, the sale – which still has to be finalised – would be South Korea’s largest-ever asset sale to foreign interests.

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More News On Kumho Sale

In South Korea, Kumho has revealed that it is on the verge of selling 80 per cent of its tyre unit for a price between $1.2 and $1.5 billion. The buyer is named only as “a foreign investment fund” but unconfirmed reports link the sale with J P Morgan and the private equity fund Carlyle Group. Carlyle was favourite to buy the ContiTech division when it was up for sale. Another report says that three foreign potential purchasers are in the running and an agreement should be reached in the next few months. The Kumho Group is having to sell assets in order to pay off debts; it currently has debts of $2.52 billion against assets of $3.3 billion.

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Carlyle wants to aquire Beru

After procuring 26.25 percent of Beru’s shares, the Carlyle Group has now made a buyout offer. Carlyle offered 30 Euros per share but Beru has rejected this take-over attempt, which Carlyle calls. Beru management believes this undervalues the company and has quoted 40 Euros as a realistic share offer for a company worth around 500 million Euros. Some months ago Beru AG, of Ludwigsburg, Germany, acquired AMI Doduco, Europe’s leading company in tyre pressure control systems.

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