Hanover, Germany – ContiTech has engaged the services of Ernst & Young to help the planned sell-off of its Veyance do Brazil conveyor belts factory in Sao Paolo, ERJ has learnt.
The operation supplies around 120km/year of steel cord-reinforced product. Output goes mainly to the mining industry in Brazil, for which it is by far the biggest belts supplier.
The Sao Paolo facility is located on a site owned by Titan, which supplies compounds to the operation.
ContiTech was required to sell off the steel cord plant as a condition of gaining regulatory approval to complete the €1.4-billion purchase of Veyance Technologies Inc. in January 2015.