Continental AG agreed to buy Veyance Technologies Inc. from Carlyle Group LP for about €1.4 billion ($1.9 billion), adding the maker of industrial hoses and conveyor belts to expand beyond the auto business.

Europe’s second-largest maker of car parts expects the purchase of Fairlawn, Ohio-based Veyance to boost profit of its ContiTech unit immediately upon completion, Hanover, Germany- based Continental said today in a statement. The deal can be financed from available cash and credit lines and is expected to close by the beginning of the fourth quarter.

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