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NEW YORK, NY, August 1, 2007 — The Goodyear Tire & Rubber Company and The Carlyle Group announced today that The Carlyle Group has completed its acquisition of Goodyear’s engineered products division for $1.475 billion. Covington & Burling LLP advised Goodyear in the transaction, which was announced on March 23, 2007.
Goodyear is the world's largest tire company and manufactures and markets tires for most applications. The engineered products division, now called Veyance Technologies, Inc., manufactures and sells Goodyear branded industrial power transmission products; heavy-duty and lightweight conveyor belts; hydraulics; rubber track; and automotive and heavy-duty truck belts, hose, tensioners and air springs. The Carlyle Group is a private global investment firm.
The Covington corporate team, based in New York, included partner J. D. Weinberg and associate Jonas Marson. Attorneys from Thompson Hine also advised Goodyear.