Kortrijk, Belgium-based Bekaert, one of the world's largest steel cord and wire manufacturers, has announced that it has decided to close its steel cord facility in Figline e Incisa Valdarno, Tuscany, Italy and cease all activities there.
The company stated that it has informed the works council of the Figline site and the local unions and authorities about the decision and has expressed its intention to start up a dialogue aimed at mitigating the social impact for the 318 affected employees.
According to Bekaert, the Figline entity has been under pressure in recent years. Due to a significantly higher cost structure compared with other Bekaert tire cord plants in the EMEA region (Europe, the Middle East, and Africa), the plant has not been able to generate a financially sustainable performance.