Belgium-based steel cord and wire manufacturer Bekaert S.A. has announced the signing of an agreement with Siderurgica Venezolana Sivensa S.A. for the acquisition of the remaining 50 percent of shares in Vicson, S.A., resulting in full ownership for Bekaert.
The total purchase price for the transaction in question amounts to $35.5 million (€25.4 million).
Venezuela-based Vicson, S.A. is a wire products manufacturer for industrial, construction and agricultural applications and has an annual production capacity of about 100,000 mt.
Bekaert has also announced its indirect acquisition of a majority interest in the joint venture Productora de Alambres Colombianos S.A. - Proalco S.A., in which Vicson, S.A. has a 75 percent share. Combined with the 12.5 percent share that Bekaert holds through its joint venture in Ecuador, Bekaert has now become an 87.5 percent shareholder of Proalco S.A.