Kortrijk, Belgium-based Bekaert, one of the world's largest steel cord and wire manufacturers, has announced that it has successfully closed the acquisition of the Pirelli steel cord plants in Italy, Romania, and Brazil. As a part of this transaction, 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 the Bekaert Group will start immediately.
The agreement between Bekaert and Pirelli also includes Pirelli's steel cord activities in Turkey and in China. The closing of the acquisition of these two plants will occur when regulatory approvals are obtained in the respective countries. While no assurances can be given, the company expects the closing to take place in the first quarter of 2015.