Bekaert acquired, through its Bekaert Ideal Holding, the majority of the shares (73%) of the ArcelorMittal steel wire plant in Costa Rica (renamed BIA Alambres Costa Rica SA) and established the same shareholding structure in the new Dramix® plant in Costa Rica (Bekaert Costa Rica SA) and in Bekaert’s steel wire entity in Ecuador (Ideal Alambrec SA). Bekaert also acquired the remaining shares of the Cimaf ropes plant which was renamed Bekaert Cimaf Cabos.
The objective is to serve customers from various sectors in the region better with a broader steel wire product portfolio in the construction, mining, oil & gas, agricultural, fencing and industrial markets. The deal builds on Bekaert’s existing partnerships in the region with ArcelorMittal and with the Kohn family.
Bekaert’s activities in Latin America go back to 1950. Today, they represent 35% of combined sales. They include partnerships with ArcelorMittal, with the Ecuadorian partners (represented by members of the Kohn family) and those within the partnership in Chile and Peru (represented by members of the families Matetic, Conrads and Gallofré). At the end of 2014, Bekaert employed over 8000 people in the region.
The integration of the wholly owned steel cord entity acquired from Pirelli in Sumaré, Brazil will be added to Bekaert’s financial statements as of 1 January 2015.