German auto supplier Continental AG won U.S. antitrust approval to buy Veyance Technologies, a U.S.-based maker of industrial hoses and belting, on condition it sells certain assets, the Justice Department said on Thursday.
The department said it approved the proposed $1.8 billion deal for Veyance, which is based in Ohio, if Veyance sold its North American commercial vehicle air springs business.
In February, Continental said it had agreed to buy Veyance for 1.4 billion euros ($1.8 bln) as a way to diversify its business.
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.
Source : http://economictimes.indiatimes.com/