Belgium-based steel cord and wire manufacturer Bekaert has announced that it has received clearance approvals for the sale of its stakes in its Steel Wire Solutions businesses in Chile and Peru.
The company had reached an agreement on the sale of its stakes in its businesses to its current partners for $136 million in March, while the transaction is scheduled to be closed in October.
The sale is part of Bekaert’s strategy to strengthen its business portfolio by increasing its presence in faster growing markets particularly in green energy, and low-carbon concrete solutions, which offer higher profit margins and higher returns on capital.