ERJ staff report (DS)
Kortrijk, Belgium - Bekaert has bought control of a steel wire company in China. The acquired company does not make steel cord for the tyre or hose industry.
The company has signed an agreement to buy 75 percent of the shares of the spring wire and overhead conductor business of Xinyu Iron & Steel Co., Ltd in Xinyu, Jiangxi Province, China.
Xinyu Steel will retain the remaining 25 percent and the entity will be renamed Bekaert Xinyu) Metal Products Company Ltd. The transaction, with a purchase value of CNY 161.2 million (euro 18.3 million), is subject to regulatory approvals and is expected to close by year-end 2010.
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Press release from Bekaert