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Bekaert buys steel wire plant in China.

(SeeNews) - Jul 18, 2011 - Belgian metal producer Bekaert (EBR:BEKB) announced on Monday an agreement for the acquisition of the Qingdao Hansun steel wire plant in Qingdao, China.

The agreement was signed with Hankuk Steel Wire, which is based in South Korea.

The Qingdao Hansun plant, located in the Shandong province, started up in 2008. The facility is equipped to make steel wire products for a wide range of applications in sectors such as the construction business, the paper industry, and mining.

The plant is located near the Qingdao sea port, the world's ninth-busiest container port, and currently employs 233 people.

According to Henri-Jean Velge, executive vice president Wire and Stainless technologies of Bekaert Group, the plant is expected to strengthen the position in the Asian market and to expand the capacity to Bekaert's current wire operations in China. The company expects the new entity to immediately contribute to its ambitions for growth in sectors where Bekaert has built up international market presence and technological expertise.

Bekaert has agreed to purchase all the shares of Qingdao Hansun Steel in a transaction representing an enterprise value of some CNY 270 million (USD 41.7m/EUR 29.7m). The deal, subject to customary regulatory approvals, is expect to close in the the third quarter of 2011.

(CNY 1 = USD 0.155/EUR 0.110)
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Publication:ADP News Belgium
Geographic Code:9CHIN
Date:Jul 18, 2011
Words:222
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