Pirelli announces in a press release that it has sold the steelcord business in China to the Belgian group Bekaert. This transaction completes the transfer of Pirelli's steelcord business.
The transaction follows the sale by Pirelli to Bekaert of the steelcord plants in Figline (Italy), Slatina (Romania), Sumaré (Brazil) and Izmit (Turkey). The first three disposals were announced on December 18, 2014 and the fourth on February 6, 2015.
In line with what was already communicated to the market on 28 February 2014, on the occasion of the announcement of the operation, the total value (enterprise value) for 100% of the steelcord business is confirmed at 255 million euro.
