Veyance Technologies Forms Conveyor Belt Joint Venture with Chinese Manufacturer
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JV is Largest Manufacturer in Chinese Conveyor Belt Market YANZHOU, China, Jan. 16 /PRNewswire/ -- Veyance Technologies, Inc., manufacturer of Goodyear-branded conveyor belts, today announced the formation of Shandong Aneng Conveyor Belt & Rubber Co., Ltd., a long-term joint venture between Veyance's Asia subsidiary and the Yinhe Group's Ruiyuan Rubber and Plastics Company, Ltd. Shandong Aneng also has a tentative agreement to purchase exclusive rights to the Yinhe Depreux brand in China. Based in Yanzhou China, Shandong Aneng is the largest conveyor belt manufacturer in China. Its 20 production lines 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. "This joint venture is a perfect fit for Veyance, which introduced the first steel-cable-reinforced belt and produced the strongest and longest steel-cable-reinforced belts currently in use," said Chris Jones, vice president and general manager of Veyance's Asia-Pacific region. According to Jones, the alliance provides substantial growth opportunities by marrying Ruiyuan's existing infrastructure with Veyance's technology. Veyance's subsidiary is the majority shareholder in the new joint venture designed to create technology synergies, operating efficiencies and raw material sourcing opportunities. He added that the joint venture has adopted advanced management and quality systems and is using technologically advanced test equipment to ensure that all finished products meet stringent conformity standards. Ruiyuan's CEO Teng Niu said, "The technology and global reputation of Goodyear-branded conveyor belts combined with our customer relationships, employees, and world-class facility makes the alliance a formidable player in the market." Niu added that the arrangement provides customers substantially increased value through Veyance's product technologies, including low-rolling resistance cover materials, Goodyear SensorGuard belt monitoring systems and patented splice processes. According to Jones, China's conveyor belt market is growing 7 percent annually, driven by the country's increasing energy consumption, industrial and residential infrastructure needs, and expanding share of global trade. "Our primary goal is to meet customer needs in this exciting growth market," he said. Goodyear-branded conveyor belts were first produced in 1913 and have maintained an industry leadership position ever since. A Goodyear belt used to mine Canadian oil sands deposits is the highest total-strength belt ever produced, and a 20.3 kilometer Goodyear belt used at an Australian coal mine is the world's longest. Veyance operates lightweight and heavy-duty rubber and PVC conveyor belt manufacturing operations in the United States, Canada, Brazil, Chile, South Africa and Australia. In August, Veyance acquired the assets of a prominent U.S. conveyor belt fabric manufacturer and renamed it Specialty Fabrics & Converting, Inc. In addition to conveyor belts, Veyance manufactures and markets Goodyear- branded industrial power transmission products, hose, hydraulics and rubber track, as well as automotive and truck power transmission products, hose, air springs, tensioners and molded products. SOURCE Veyance Technologies, Inc. Skip Scherer of Veyance Technologies, Inc., +1-330-664-7016
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