Kortrijk, Belgium-based Bekaert, one of the world's largest steel cord and wire manufacturers, has announced that it has entered into an agreement with UK-based wire rope manufacturer Bridon International Ltd to merge the rope and advanced cord businesses of Bekaert with Bridon. Bekaert will hold a 67 percent equity share and Bridon will hold 33 percent.
The new group will combine the rope and advanced cord capabilities of almost 3,000 employees at 19 manufacturing entities across 11 countries, market-focused R&D, and a global sales and service network. Upon completion of the deal, the transaction is estimated to add approximately €350 million to Bekaert's consolidated sales on an annual basis. The definitive merger agreement is expected to be completed in the first half of 2016.