Reuters reported that Continental AG won both U.S. and Canadian antitrust approval to buy Veyance Technologies, a U.S.-based maker of industrial hoses and belting, on the condition that Veyance sells its North American commercial vehicle air springs business.
The proposed 1.4 billion euro ($1.73 billion) deal for Ohio-based Veyance was announced in February. Continental said it plans to integrate Veyance into its Contitech division.
According to Reuters, to win U.S. approval for the deal, the company agreed to divest two Veyance manufacturing plants in Mexico, warehouses in Mexico, the United States and Canada and a research and development operation in Fairlawn, Ohio, as well as patents and trademarks associated with the air spring business.
Canada’s Competition Bureau stated on Thursday that it has approved the deal in light of the settlement with the U.S. Department of Justice, according to reporting by Reuters.
