ContiTech Sells Veyance Technologies' Air Springs Business In The NAFTA Region

ContiTech Sells Veyance Technologies’ Air Springs Business In The NAFTA Region

The transaction includes approximately 500 employees in San Luis Potosi, Mexico, and about 30 commercial and R&D employees in Fairlawn, Ohio, in the U.S., as well as in Canada.

Continental-ContiTech-Logo-300x154

FAIRLAWN, Ohio — ContiTech has entered into an agreement to sell Veyance Technologies’ North American air springs business to Charlotte-based EnPro Industries Inc. The air springs business will be managed as part of EnPro’s STEMCO division. The divestiture had been required by anti-trust authorities in the U.S., Mexico and Brazil as part of ContiTech’s acquisition of Veyance Technologies in January 2015. The transaction includes approximately 500 employees in San Luis Potosi, Mexico, and about 30 commercial and R&D employees in Fairlawn, Ohio, in the U.S., as well as in Canada.

“With EnPro’s STEMCO business we have found a good home for Veyance’s air springs team in North America. We secured approximately 530 jobs in Mexico, the U.S. and Canada,” said Hans-Jurgen Duensing, member of the Continental Executive Board and head of the ContiTech division. Terms of the transaction were not disclosed. The transaction is subject to regulatory approval and expected to close in July.

Continental notes that Veyance Technologies is the most important acquisition in ContiTech’s history, and has strengthened its global industrial business and reduced exposure to automotive OE markets, a strategic goal of ContiTech. Following the takeover of Veyance, the proportion of the company’s industrial business increased from 42 to 54 percent.

You May Also Like

GPC Reports 2023 Results, Announces Global Restructuring Program

The restructuring includes a voluntary retirement offer in the United States.

Genuine Parts Co. (GPC) reported full-year 2023 sales of $23.1 billion, a 4.5% year-over-year increase.

Net income was $1.3 billion, or $9.33 per diluted share, an increase of 12.3%.

Full-year net sales in the Automotive Parts Group, which includes NAPA Auto Parts, were $14.25 billion, up from $13.67 billion in 2022.

Fourth-quarter automotive sales were up nearly 1% to $3.5 billion.

Kalitta Motorsports, Dayco Announce Partnership, Distributor Agreement

Dayco will have branding on J.R. Todd’s DHL GR Supra funny car, and Kalitta is the exclusive at-track distributor of Dayco 11-mm racing blower belts for nitro engines.

Dayco Kalitta
AutoPartSource/Momentum USA Receives O’Reilly’s Sales & Service Award

This is the second year in a row that O’Reilly has honored AutoPartSource/Momentum USA with the award.

Momentum USA OReilly
NPW Adds Automotive Installers Warehouse to its Network

AIW has been an NPW customer since 2013.

Other Posts

Auto-Wares Recognizes Six Companies with Supplier Awards

DRiV received the 2023 Supplier of the Year Award.

DRiV Auto Wares
O’Reilly Honors DMA with 2 Awards at Leadership Conference

DMA took home the Content and Omnichannel Award and the Marketing and Advertising Award.

DMA O'Reilly
VIPAR Heavy Duty Supplier Advisory Council Reviews Performance, Strategy

At its semi-annual meeting, the council discussed current and expected market conditions and opportunities.

VIPAR Heavy Duty
MANN+HUMMEL’s NA Aftermarket Brands Support Right to Repair

The Right-to-Repair movement has gained momentum in recent years.

MANN+HUMMEL Right to Repair