Bekaert announces establishment of its joint venture with Southern Steel
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Please find attached a press release concerning the successful closing of the transaction to establish a joint venture with Southern Steel.
Bekaert, worldwide technological and market leader in drawn wire products and advanced coatings, announced today the successful closing of the transaction to establish a joint venture, 55% owned by Bekaert and 45% by Southern Steel Berhad (SSB), a leading Malaysian Steel Group.
As communicated on 9 May 2012, the joint venture deal consists of SSB contributing its interests in the Malaysian wire activities based in Shah Alam and Ipoh, and Bekaert bringing in the galvanized wire platform located in Karawang, Indonesia. The joint venture will serve customers in the Southeast Asian growth markets.
The joint venture has been named Bekaert Southern Wire Pte Ltd with registered office in Singapore.
The results will be integrated in Bekaert's consolidated statements as of 1 September 2012.