Carlyle buys add-on for former Goodyear division

The Carlyle Group has bought the assets of Industrial Specialty Fabrics to enhance the conveyor belt business of its portfolio company, Veyance Technologies, which was formerly Goodyear’s Engineered Products Division.

The Carlyle Group has made an add-on acquisition to Veyance Technologies, formerly Goodyear’s Engineered Products Division. Veyance has purchased the assets of the former Industrial Specialty Fabrics for an undisclosed amount.

Industry Special Fabrics has been renamed Specialty Fabrics & Converting. Veyance pro plans to leverage SF&C’s operations to enhance its conveyer belt business.

“Managing our fabric production helps us to more closely link reinforcement technology with overall conveyor belt R&D efforts and design trials underway at our Goodyear Engineered Products conveyer belt tech center at Marysville, Ohio,” Mike Braucher, marketing manager for Goodyear-branded conveyor belts, said in a statement.

Veyance manufactures and markets products including hoses, conveyor belts and power transmission products for industrial, military and consumer applications.

The add-on purchase was completed just one week after the close of Carlyle’s acquisition of the Goodyear division on 1 August. The deal was closed just two days after Carlyle finalised a five-year contract with the United Steelworkers’ Union.

The $1.5 billion (€1.1 billion) deal was announced in late March, as a part of Goodyear Tire & Rubber’s larger effort to reduce debt, address legacy obligations and support the growth of its core business. Under the terms of the agreement, Carlyle is licensed to use the Goodyear brands and certain trademarks in connection with the Engineered Products business.

Veyance was acquired through Carlyle Partners IV, a $7.8 billion fund that also acquired US rental company Hertz, powertrain machinery firm Diversified Machine and axle maker AxleTech International Holdings.