12 October 2007 Bekaert ends takeover talks with ZAO Uralkord
After months of negotiation, Bekaert has withdrawn from talks with ZAO Uralkord on a possible takeover. ZAO Uralkord, located in Magnitogorsk (Russia), produces steel cord products for tire reinforcement for the Russian market.
In the course of the difficult and protracted negotiations, it became clear that no agreement could be reached with the current shareholders of ZAO Uralkord that would meet Bekaert’s criteria for pursuing its strategy of sustainable profitable growth in Russia.
Determined to advance its existing position in Russia, Bekaert now considers further options to achieve this goal. The company has already built up a customer base in Russia for steel cord products for tire reinforcement, steel fibers for concrete reinforcement and other specialized wire products, which are currently supplied to Russia from Bekaert plants in Central Europe.