Brussels – Bekaert SA has completed a series of cost-saving measures, amounting to €70 million, in 2018, the company announced 21 Dec.
The moves, said the Belgian company, aimed to “turn around” the profitability of weaker performing businesses and to cease certain operations.
Among the key measures was the closure of the rubber-reinforcement products operation in Figline, Italy, which it acquired from Pirelli in late 2014.
According to Bekaert, the competitive position of the site had been under pressure in recent years, with “significantly higher cost structure” compared with other Bekaert plants in EMEA.
Other measures, Bekaert said in its latest statement, included restructuring initiatives at Bekaert Bradford, UK; Bekaert Ipoh Malaysia; and Bridon-Bekaert Ropes Group Brazil.
The one-off costs, according to Bekaert, have been partly offset by the sale of land and buildings related to the earlier plant closings in Shah Alam, Malaysia and Huizhou, China.
The total net amount of these measures will be around €70 million for the full year 2018.