Pirelli finalises sale of steelcord plant to Bekaert

Milan, Italy – Pirelli and Bekaert successfully finalised the sale of Pirelli’s steelcord activities in Izmit, Turkey, to to Bekaert, announced the Italian tire maker on 6 Feb.

The deal closing in Turkey follows the transfer from Pirelli to Bekaert of steelcord plants in Figline (Italy), Slatina (Romania) and Sumaré (Brazil), already announced on 18 Dec 2014.

"As announced in February 2014, the agreement between Pirelli and Bekaert also includes the transfer of the Italian group’s steelcord activities in Yanzhou (China)," said Pirelli.

The closing for this operation, it said, will take place when the relevant regulatory approvals are obtained, expected during the first quarter of 2015.

According to Pirelli, the closing was for an enterprise value of around €30 million and the operation will have approximately the equivalent impact on the consolidated net financial position.