Pirelli finalized the sale of three steel cord sites to Bekaert on Dec. 18, according to Tyres & Accessories. The three facilities are located in Figline, Italy; Slatina, Romania; and Sumaré, Brazil.
According to Tyres & Accessories, Bekaert is still waiting local regulatory approvals for the transfer of two other Pirelli steel cord facilities located in Turkey and China. Those approvals are expected to be obtained in the first quarter of 2015, reported the tire trade publication.
The sale closed for a value of approximately 150 million euro (approximately USD $184 million). Bekaert told Tyres & Accessories that the process of integrating the three steel cord plants into the Bekaert Group will “start immediately” and that this integration, along with the long-term supply agreement it has negotiated with Pirelli, will “further enhance Bekaert’s status as a preferred supplier to the tire industry.”
