Stemco said it has reached agreement to acquire Veyance North American air springs business from Continental AG. Veyance, which products Goodyear air springs, was acquired by Continental in January 2015.
Stemco President Todd Anderson was the air springs business includes facilities in Fairlawn, OH, and San Luis Potosi, Mexico, where the Goodyear air springs are manufactured. The deal also includes the existing air springs manufacturing, design and support teams.
“The air springs business carries with it premium product performance,” said Anderson. “Customers will be able to count on the same consistent product performance and brand attributes, as the products will continue to be manufactured in the same facility and engineered by the same design team with the same support functions, in addition to gaining the support of the entire Stemco team.”
Stemco said all customer inquiries, payments and other communications should be handled through existing channels during the transition period. The company said the deal should be completed in July.
“We are looking forward to the air springs team joining the Stemco family. Their record of success and growth potential make this an exciting addition to our business. Stemco’s commercial vehicle market focus, superior product technology and outstanding reputation for training and customer support make this acquisition a complement to the Stemco business strategy,” said Anderson. “Our focus remains on providing the highest level of product innovation, quality, service and support that customers have come to expect and count on from Stemco.”