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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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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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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 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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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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