Pirelli & C. S.p.A. has concluded the sale of its steelcord business in Izmit, Turkey, to steel wire producer N.V. Bekaert S.A., as part of a deal to divest its steelcord business.
Completion of the sale in Turkey follows by about six weeks the transfer to Bekaert of steelcord plants in Figline, Italy; Slatina, Romania; and Sumaré, Brazil.
Bekaert and Pirelli announced the US$350 million deal for Pirelli’s tire cord business in February. The business generates about US$410 million in sales annually, the companies disclosed earlier.
The companies still are waiting for relevant regulatory approvals in China to complete the transfer of a fifth steelcord plant, in Yanzhou, China. This is expected to happen during the first quarter.