Veyance Technologies Forms Conveyor Belt Joint Venture with Chinese Manufacturer

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