ContiTech has agreed to sell Veyance Technologies’ North American air springs business to Charlotte-based EnPro Industries.
The air springs business will be managed as part of EnPro’s Stemco division. The sale had been required by antitrust authorities in the US, Mexico and Brazil as part of ContiTech’s purchase of Veyance Technologies in January 2015. The deal includes approximately 500 employees in San Luis Potosi, Mexico, and about 30 commercial and R&D workers in Fairlawn, Ohio, US and Canada.
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“With EnPro’s Stemco business we have found a good home for Veyance’s air springs team in North America. We secured approximately 530 jobs in Mexico, the US and Canada,” said ContiTech head Hans-Jurgen Duensing.
Terms were not disclosed. After regulatory approval, the deal is expected to close in July.
