Bekaert and Groz-Beckert reach agreement on the sale of Bekaert's Carding Solutions activities
Summary:
Bekaert and Groz-Beckert have signed an agreement regarding the sale of Bekaert's Carding Solutions activities to Groz-Beckert, a global company with headquarters in Albstadt, Germany.
The transaction covers the carding production facilities in Belgium, India, China and the US and the global sales and services network. The deal involves the employees and assets of the activity platform.
The Carding Solutions activities generate € 26 million annual revenue which accounts for less than 1% of Bekaert's consolidated sales. Bekaert and Groz-Beckert anticipate a deal closing in the course of the second quarter of 2015. As part of this transaction, the companies will enter into a long-term supply agreement of Bekaert steel wire to Groz-Beckert.