Veyance Technologies, Inc., manufacturer of Goodyear-branded conveyor belts, has formed 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 a 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.
Veyance's subsidiary is the majority shareholder in the new joint venture designed to create technology synergies, operating efficiencies and raw material sourcing opportunities.
According to the companies, 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.
Veyance operates lightweight and heavy-duty rubber and PVC conveyor belt manufacturing operations in the U.S., Canada, Brazil, Chile, South Africa and Australia. 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 trasmission products, hose, air springs, tensioners and molded products.