Bekaert, a Belgium-based producer of drawn wire products and advanced coatings, said Monday it has bought two Bridgestone tire cord plants and signed a multi-year deal to supply tire cord to Bridgestone.
MAIN FACTS
-Bekaert will buy Bridgestone Metalpha Italia SpA in Sardinia, Italy and Bridgestone (Huizhou) Steel Cord Co., Ltd based in Huizhou, Guangdong Province, China. The share deal includes all of the personnel and assets of the two manufacturing sites.
-The integration of the two plants will strengthen Bekaert's position in the tire cord market, while the long-term supply agreement further enhances Bekaert's status as an important external supplier of tire cord to Bridgestone.
-The transaction, with an enterprise value of approximately EUR70 million, is subject to customary closing conditions and is expected to close in the second quarter of 2010.
(Source: irco.biz)
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