STEMCO, an EnPro Industries company (NYSE: NPO), has entered into an agreement to acquire the Veyance North-American air springs business from Continental AG, subject to certain regulatory approvals.
The air springs business unit is the manufacturer of Goodyear air springs and was previously part of Veyance Technologies, Inc. which Continental acquired in January 2015.
In a letter to customers, STEMCO President Todd Anderson informed them of the company's intent to purchase the air springs business unit, which includes facilities in Fairlawn, Ohio and San Luis Potosi, Mexico, where the Goodyear air springs are manufactured. The deal will also bring the existing air springs manufacturing, design and support teams onto the STEMCO staff.
"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."
He added, "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.
"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."
During the transition period, which STEMCO expects to be completed in July, all customer inquiries, payments and other communications will be handled through their existing channels. Upon the closing of the transaction, the STEMCO sales team will work in conjunction with the existing air springs team to fully support the customer network.
More information about the acquisition will be made available upon the closing of the agreement. For more information about STEMCO, visit www.stemco.com