Veyance Technologies Sold to German Company
NORFOLK- One of the world’s leading automotive supply companies has purchased a company that operates a manufacturing plant in Norfolk. Several media outlets report that Continental AG of Germany is paying $1.91-billion for the Ohio-based Veyance Technology, formerly known as Goodyear Tire and Rubber. Veyance has 27 plants -- including one in Norfolk and one in Lincoln – and about 9,000 employees. The private equity firm The Carlyle Group purchased Veyance in 2007 for $1.5-billion. The deal still faces anti-trust regulatory approval before it can close. There is no word on how the purchase might impact individual plants.