London – German ContiTech AG, part of tire manufacturer and automotive supplier Continental AG, has confirmed that the acquisition of Veyance Technologies Inc. is still on track and expects to close a deal before the end of 2014.
Speaking to ERJ, ContiTech spokesman Mario Toepfer said: “We are waiting for the authorities at the US Department of Justice to approve the deal. Once they ‘OK’ it, we have five days to seal the deal, but no one in the company really knows when the approval will be made.”
Asked if he expected any glitches or hiccups in the way of the deal, Toepfer said the deal was on track and nothing had changed.
Toepfer declined to comment on a story by German Bilanz magazine regarding ContiTech’s possible failure to complete its acquisition and needing to sell one of the target company's divisions to win US regulatory approval. Toepfer said that the deal was “still on track”.
ContiTech is aiming to expand its North American portfolio for rubber conveyor belting, belts and hose production once the €1.5-billion deal is completed.