Aug 2 2007
Global private equity firm The Carlyle Group today announced that it has closed its purchase of substantially all of the Engineered Products Division of The Goodyear Tire & Rubber Company. The transaction, valued at $1.475 billion, was announced on March 23, 2007. Through a long-term license agreement, products will continue to carry the "Goodyear" brand, while the legal name of the company has been changed to "Veyance Technologies, Inc."
Veyance Chief Executive Officer Timothy R. Toppen said, "We are excited about this new chapter in our history and we look forward to a strong and fruitful partnership with The Carlyle Group."
Toppen said customers will continue to see the Goodyear Engineered Products brand and uncompromising standards they have known since 1898. "In addition, we have adopted a new corporate name -- Veyance Technologies, Inc. It combines two critical components of our daily operations. Our products convey materials, fluids or power from one location to another and are designed to optimize performance for customers and end users.
"While the Goodyear Engineered Products brand will remain front and center in our marketing, the Veyance moniker will identify our new company as we prepare for and aggressively pursue growth opportunities."
Carlyle Managing Director Daniel A. Pryor said, "Veyance has proven products, an excellent management team and significant growth prospects domestically and abroad. Carlyle will support Tim and his team as they continue to provide quality products to their industrial, military, and automotive customers."