Bekaert to Acquire 100% Ownership of Turkey’s Beksa
Multinational manufacturer of tyre reinforcement and other materials, NV Bekaert SA, has announced its upcoming acquisition of the 50 per cent share in Turkish steel cord and metal fibre manufacturer Beksa Celik Kord Sanayi ve Ticaret A.S that it currently holds jointly with Turkish conglomerate Haci Ömer Sabanci Holding A.S. The two companies have signed a letter of intent for the transfer of shares, a transaction estimated to be worth 40.3 million euros, and when the deal is complete Bekaert will assume full ownership of Beksa. The transfer of shares will be executed after receiving approvals from the respective authorities, Bekaert reports.
Located in the city of Izmit, Beksa manufactures steel cord products and Dramix metal fibres for a variety of industrial applications, including the tyre and automotive industry. The company employs about 330 people and recorded sales of 80 million euros in 2006.