AKRON (Aug. 1) — Goodyear Engineered Products has a new corporate name, Veyance Technologies Inc., but under a long-term licensee agreement with Goodyear it will continue to carry the Goodyear brand.
Veyance CEO Timothy R. Toppen said the new name "combines two critical components of our daily operations. Our products convey materials, fluids or power from one location to another and are designed to optimize performance for customers and end users."
The name change came the same day the Carlyle Group completed its purchase of virtually all the assets of Engineered Products from Goodyear for close to $1.5 billion. Carlyle Managing Director Daniel A. Pryor said Veyance has proven products, "an excellent management team, and significant growth prospects domestically and abroad." It also has the complete backing of the parent company, a global private equity firm with $71.4 billion under management.
Toppen said customers will continue to see the Goodyear Engineered Products brand and the same standards to which they´ve become accustomed.