- taking majority stake in steel wire business in Costa Rica, with ArcelorMittal as partner
- establishing the same shareholding structure for the Dramix greenfield in Costa Rica
- participation by ArcelorMittal in Bekaert’s steel wire entity in Ecuador
- growing Bekaert’s steel rope platform by taking full ownership of Cimaf Cabos in Brazil
Bekaert and ArcelorMittal today signed the Closing Memoranda which confirm:
- the acquisition by Bekaert, through its Bekaert Ideal Holding, of the majority of the shares (73%) of the ArcelorMittal steel wire plant in Costa Rica (renamed BIA Alambres Costa Rica SA);
- the set-up of the same shareholding structure in the new Dramix plant in Costa Rica (Bekaert Costa Rica SA) and in Bekaert’s steel wire entity in Ecuador (Ideal Alambrec SA);
- the acquisition by Bekaert of the remaining shares of the Cimaf ropes plant, by which Bekaert obtains full ownership. This entity has been renamed Bekaert Cimaf Cabos.
The objective is to better serve customers from various sectors in the region with a broader steel wire product portfolio in the construction, mining, oil & gas, agricultural, fencing and industrial markets. The deal builds on Bekaert’s existing partnerships in the region with ArcelorMittal and with the Kohn family.
The integration of the respective financial records in the consolidated statements of Bekaert comes into effect immediately. More information is available in the original announcement of 10 December 2013.
Bekaert in Latin America
Bekaert’s activities in Latin America go back to 1950. Today, they represent close to 40% of combined sales. They include the partnership with ArcelorMittal in Brazil, the subsidiaries under the Bekaert Ideal Holding in partnership with the Ecuadorian partners (represented by members of the Kohn family) in Ecuador, Venezuela and Colombia, and those within the partnership (partners represented by members of the families Matetic, Conrads and Gallofré) in Chile and Peru. At present, Bekaert employs close to 8000 people in the region.
Bekaert (www.bekaert.com) is a world market and technology leader in steel wire transformation and coatings. Bekaert (Euronext Brussels: BEKB) is a global company with headquarters in Belgium, employing 27 000 people worldwide. Serving customers in 120 countries, Bekaert pursues sustainable profitable growth in all its activities and generated combined sales of € 4.1 billion in 2013.