Carlyle exits Veyance Technologies in €1.4bn deal


plastics5_sqPrivate equity major Carlyle has exited its investment in of rubber and plastics technology company Veyance Technologies, which was sold to German industrial group Continental for around €1.4bn.

The Fairlawn, Ohio-based company posted sales of around €1.5bn last year, of which 90 per cent was generated outside of the automotive industry.

Veyance currently has 27 plants around the world and 9,000 employees.

Carlyle managing director Martin Sumner said, “We are proud of what the Veyance management team has accomplished and believe the combination of Veyance and Continental will even more effectively meet customers’ needs globally.”

Earlier this month it was reported that Carlyle was nearing a deal to buy the industrial packaging division of Illinois Tool Works for over $3bn.

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