Tuesday, February 19, 2008

Bekaert to acquire full ownership in steel cord producer Beksa.

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Bekaert to acquire full ownership in steel cord producer Beksa. Local Sabanci Holding and Belgian steel cord and wire manufacturer Bekaert announced in a joint statement that the two parties signed a letter of intent for Bekaert’s acquisition of 50% stake Beksa. Following the share transfer, Bekaert will gain full control of Beksa. The two companies valued the transaction at EUR 40.3mn. The sale is subject to the approvals of relevant institutions. Beksa operates a plant in the city of Izmit and produces steel cord products and metal fibers for a variety of industrial applications. The company employs 330 workers and had sales of EUR 80mn in 2006.

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Bekaert to acquire full ownership in steel cord producer Beksa.

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