Bekaert intends to buy Uralkord

Kortrijk, Belgium - NV Bekaert SA has signed a declaration of intent to acquire the Russian Uralkord for an enterprise value of 1600 million Russian roubles (€ 47 million). Uralkord, located in Magnitogorsk, manufactures steel cord products for tyre reinforcement and serves nearly a quarter of the Russian market.

Marc Vandecasteele, Group Executive Vice President, stated: “The development of a strong position in Russia is an essential part of our strategic objective of sustainable profitable growth. Given the growth potential in the Russian market we want to work closely with the steel industry and anticipate a significant increase in the demand for top quality products. Bekaert can offer the Russian tire manufacturers optimal service by having its own production platform.”

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Press release from Bekaert