Bekaert completes acquisition of Pirelli tire cord plant in Turkey
Bekaert and Pirelli have successfully closed the acquisition by Bekaert of the Pirelli steel cord plant in Izmit, Turkey.
The deal closing in Turkey follows the ownership transfer of the steel cord plants in Figline (Italy), Slatina (Romania), and Sumaré (Brazil) as announced on 18 December 2014.
The integration process of the Turkish entity into the Bekaert Group will start immediately.
The agreement between Bekaert and Pirelli also includes Pirelli's steel cord activities in Yanzhou (China). The closing of the acquisition of this fifth entity will occur when the respective regulatory approvals are obtained.
The integration of the steel cord activities and the long-term supply agreement will further enhance Bekaert's status as a preferred supplier to the tire industry.
Deal closing Turkey
Bekaert has acquired 100% of the shares of the former Pirelli steel cord entity in Izmit, Turkey. The entity will be renamed Bekaert Kartepe Çelik Kord Sanayi ve Ticaret A.S. The financial results of the entity will be included in the consolidated statements of Bekaert as from 1 February 2015.
Related press releases:
- 28 February 2014: Announcement of the acquisition agreement between Bekaert and Pirelli
- 18 December 2014: Announcement of the deal closing in Italy, Romania and Brazil