FAIRLAWN, Ohio (Jan. 16, 2008) — Veyance Technologies Inc.'s Asian subsidiary has purchased the assets of the Yinhe Group's Ruiyuan Rubber and Plastics Co. Ltd., becoming the majority owner of a new joint venture in China.
Ruiyuan Rubber and Plastics will remain the minority stockholder in the venture, called Shandong Aneng Conveyor Belt & Rubber Co. Ltd. Financial details weren't announced.
Shandong Aneng, which Veyance said is China's largest conveyor belt maker, also has a tentative agreement to purchase exclusive rights to the Yinhe Depreux brand in China. Veyance manufactures Goodyear-branded conveyor belts.
Based in Yanzhou, China, Shandong Aneng has 20 production lines, which annually produce more than 12 million square meters of high quality fabric- and steel-cable-reinforced rubber conveyor belts, as well as fabric-reinforced PVC conveyor belts.