The Carlyle Group will sell Veyance Technologies to German auto supplier Continental for about $1.9 billion, according to a statement.
Carlyle established Veyance in March 2007 when the firm acquired the engineered products division of The Goodyear Tire & Rubber Company for $1.47 billion, according to a previous statement from the firm. The acquisition was funded using capital from the firm’s fourth flagship fund.
Fairlawn, Ohio-based Veyance operates 27 rubber and plastics technology plants around the world. About half of the company’s sales are based in the US. Carlyle maintained the Goodyear brand on the company’s products, despite the name change.
In 2013, Carlyle sold all of its shares of US regional freight railroad company Genesee & Wyoming Railroad from its industrials group after a one-year holding period, according to a previous statement.
Carlyle has sealed a number of sizable investments in the industrial sector recently. Earlier this month, the firm acquired the Industrial Packaging Group from Illinois Tool Works for $3.2 billion. Last year, Carlyle formed Axalta Coating Systems from its $4.9 billion acquisition of DuPont Performance Coatings. The company services the transportation and industrial sectors.
Carlyle’s industrials group is led by managing director Gregory Ledford, according to the firm’s website.
The Washington DC-based firm closed its most recent flagship fund on $13 billion in November 2013. Carlyle is currently in market with its Carlyle International Energy Partners Fund, which is targeting $1.5 billion and its Carlyle Europe Partners IV that is seeking €3 billion, according to Private Equity International’s Research and Analytics division.