Bekaert to acquire full ownership of Turkish JV
ERJ staff report (SS)
Kortrijk, Belgium -- NV Bekaert SA has signed a letter of intent to acquire full ownership of Beksa Celik Kord Sanayi ve Ticaret AS (Turkey), the joint venture company that it set up with Haci Ömer Sabanci Holding AS, for an estimated Euro 40.3 million.
Bekaert already has a 50 percent stake in the joint venture company, which manufactures steel cord products and Dramix metal fibres for industrial applications, as well as the automotive and building industries.
Located in Izmit, Beksa, Beksa employs around 330 people and recorded € 80 million sales in 2006.
Sabanic Holding said, in a 19 Feb statement that, it decided to sell its shares to Bekaert due to the fact that it has “become less aligned with the long-term strategy for the company,†as a result of Beska's increasing international client portfolio.
Marc Vandecasteele, group executive vice president of Bekaert, said that the agreement will allow Bekaert to “fully integrate†Beksa into its global manufacturing portfolio.
“Beksa will be further developed both as a key supplier to the growing domestic tyre market and as an export base,†said Vandecasteele.
“Along with our local management we will pursue our business strategy to deliver high quality products to our customers,†he added.
Bekaert said that the transfer of shares will be executed after receiving approvals from the respective authorities.
This is an external link and should open in a new window. If thewindow does not appear, please check your pop-up blocking software. ERJis not responsible for the content of external sites.
Press release from Bekaert
This article is only available to subscribers - subscribe today
Subscribe for unlimited access. A subscription to European Rubber Journal includes:
- Every issue of European Rubber Journal (6 issues) including Special Reports & Maps.
- Unlimited access to ERJ articles online
- Daily email newsletter – the latest news direct to your inbox
- Access to the ERJ online archive