29 Sep 2006
Brussels - Bekaert has agreed to buy 18.85 percent of Hong Kong steel cord maker Shougang Concord Century Holdings Ltd for HK$162.5 million (€16.5 million).
The Belgian firm already operates three tyre reinforcement steel cord plants in China - in Jiangyin, Shenyang and Weihai.
“By entering into this new partnership, Bekaert goes one step further in its efforts to develop valuing partnerships and to consolidate its leadership position in the Chinese market,†Bekaert said in a statement.
"Bekaert has gone through a major expansion of its activities in China over the recent years and intends to further strengthen its relationships with local market players.â€
The agreement is subject to regulatory approvals.
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