Brussels – Bekaert Group and Pirelli SPA have closed the acquisition by Bekaert of the Pirelli steel cord plants in Figline (Italy), Slatina (Romania), and Sumaré (Brazil), Bekaert announced 18 Dec.
The deal include a long-term supply agreement will come into effect for the delivery of Bekaert tire cord products to Pirelli.
The integration process of the three tire cord plants into Bekaert will start immediately, the Belgium-based group added.
As announced earlier this year, the agreement between Bekaert and Pirelli also includes Pirelli's steel cord activities in Izmit, Turkey and in Yanzhou, China.
The acquisition of these two plants will occur when regulatory approvals are obtained in the respective countries, said Bekaert.
“While no assurances can be given, we expect the closing to take place in the first quarter of 2015,” the company stated.