2 September 2003 Bekaert acquires 100 % of Contours
Bekaert announces the purchase of Orrville Steel, Inc.’s 50% stake in Contours, Ltd. by Bekaert Corporation, a wholly owned subsidiary of the parent company of the Bekaert Group; N.V. Bekaert S.A. This transaction results from the execution of a put/call option, which was foreseen in the operating agreement between the two shareholders back in 1998. As a result, the Bekaert Group has now full ownership (100%) of Contours, Ltd.
Contours, Ltd., based in Orrville, Ohio, is a technology based manufacturer of flat and shaped steel wires, hardened and tempered steel wires and steel wire components. Its product offering spans a broad spectrum of industries and manufacturers. Founded in 1970, the company has been a 50/50 joint venture between Bekaert Corporation and Orrville Steel, Inc. since 1998. The company’s 200 employees shipped 34,000 tonnes of products representing USD 41 million in turnover for 2002.