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Continental, the international tire and belting manufacturer headquartered in Hanover, Germany, purchased Veyance Technologies, based in Fairlawn, Ohio, for approximately $1.9 billion from the Carlyle Group. Veyance is best known in the mining business for supplying conveyor belting and conveying equipment under the Goodyear Engineered Products brand name. Last year sales exceeded $2.1 billion, 90% of which were unrelated to the automotive industry. Veyance has 27 plants around the world and a workforce of about 9,000 employees. "Veyance's business and geographic presence complements Continental's existing global footprint, and the planned integra- tion of Veyance into our ContiTech division will expand our position in rubber and plastics technologies on a worldwide basis," said Dr. Elmar Degenhart, chairman of Continental's executive board. "Veyance Technologies will complement our ContiTech divi- sion in key markets where our presence is limited, particularly in the U.S. and South America. Plants in Mexico, Canada, China, Australia and also South Africa will provide additional opportu- nities," said Heinz-Gerhard Wente, member of the executive board of Continental AG and CEO of the ContiTech division. "Veyance and ContiTech complement each other geographical- ly, and ContiTech's Conveyor Belt Group and Fluid Technology business units in particular will benefit from an enhanced glob- al presence." In August 2007, the Goodyear Tire & Rubber Co. sold its Engineered Products business to the Carlyle Group for $1.8 bil- lion. At the time, the Goodyear Engineered Products business operated 32 facilities in 12 countries and had approximately 6,300 employees. Over the ensuing six years, Veyance acquired several regional suppliers in different mining districts to build out its current network. In February 2011, the company announced a breakthrough in conveyor technology with its Flexsteel ST10,000 belt for over- land conveying systems. The belt is capable of conveying 10,000 short tons per hour (ST10,000) to a height of 1,250 ft in a single flight or conveying material overland 25 miles in a single flight. The company developed a steel-cord splicing system that allowed mines to make the next significant leap in overland conveying installations. Arch Coal Sells ADDCAR Unit to UGM Arch Coal sold its ADDCAR highwall mining machine manufac- turing division to UGM Holdings for $21 million. The transac- tion includes all licenses, patents and technology related to ADDCAR's highwall mining system and its manufacturing facili- ty in Ashland, Ky.; it also includes existing lease agreements. ADDCAR became an Arch subsidiary when the company acquired International Coal Group in 2011. Australian-based UGM Holdings is a privately held, diversified professional ser- vices firm supporting mining and related industries. Brady Mining is Now US Synthetic Mining Brady Mining, a company that supplies diamond roof bolt prod- ucts for underground mining operations, announced a name change to US Synthetic Mining. The company also appointed Danny Price to serve as its regional sales manager for the east- ern United States. US Synthetic Mining will continue to support all existing customers, operating under the US Synthetic Mining name. The goal of this change is to leverage the engineering strengths and marketing outreach of US Synthetic Corp., a leading supplier of diamond technology for oil and gas drilling. US Synthetic's technology and engineering focus has made it the leader in polycrystalline diamond products with extensive experience and advanced diamond technologies for the mining and energy industries. Due to its extreme hardness, wear resis- tance and thermal conductivity, US Synthetic's diamond prod- ucts are used in a wide range of applications and are ideal for hard roof conditions in underground mining and extreme oper- ating conditions in other industries. "As we continue to grow and to diversify our products within the mining industry, we wanted to better identify our products with the superior quality and technology built into US Synthetic products," said Russ Myers, managing director, US Synthetic Mining. "As we focus on these growth opportunities, it also made sense to add a seasoned mining professional to help us introduce the value created through diamond technologies in new applica- tions and in our Viper roof bits in underground mining." US Synthetic Mining will continue to advance the technolo- gy in polycrystalline diamond tools for underground mining, including the family of Viper HR vacuum roof bolt bits. In addi- tion to its current technologies, US Synthetic is also conducting research and development projects on other diamond applica- tions in underground mining. Hexagon Acquires Drone Manufacturer Hexagon recently acquired Aibotix, the Kassel, Germany-based maker of Aibot X6 V2 multicopters. The company said its multi- s u p p l i e r s n e w s Continental Acquires Veyance Technologies 48 www.coalage.com March 2014 Continental will take control of one of the largest conveyor belting suppliers. CA_pg48-49_V4_CA_pg46-47 3/12/14 8:42 AM Page 48