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Bekaert to acquire full ownership of Beksa
03
Mar '08
Sabanci Holding, the most valuable conglomerate of Turkey, and NV Bekaert SA have signed a letter of intent to sell 50% of the shares in Beksa Celik Kord Sanayi ve Ticaret A.S.

Upon completion of the selling process, Bekaert will acquire full ownership of Beksa, in which it already has a 50% stake. The value of the transfer executed is estimated to amount for some EUR40.3 million.

Transfer of the shares will be finalised after receiving approvals from the respective authorities.

Located in Izmit, Beksa manufactures steel cord products and Dramix metal fibres for a variety of industrial applications in automotive and building industry. Beksa employs about 330 people and recorded EUR80 million sales in 2006.

Making a statement on the matter, Turgut Uzer, President, Business Unit of Tire, Tire Reinforcement Materials and Automotive, commented: "Because of changes both in the structure of its client portfolio and in the market, Beksa had become less aligned with Sabanci Holding's long-term strategies.

We have come to a good agreement with our longstanding partner Bekaert on the sale of our share in Beksa. I would like to thank them for twenty years of excellent collaboration in the joint venture and wish them a successful continuation of the business."

While, Marc Vandecasteele, Group Executive Vice President of Bekaert, stated: "This agreement allows us to fully integrate Beksa in Bekaert's global manufacturing portfolio. Beksa will be further developed both as a key supplier to the growing domestic tire market and as an export base.

Along with our local management we will pursue our business strategy to deliver high quality products to our customers. We will also maintain the good relationships we have built up with Sabanci throughout the years."

Sabanci Holding

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