Please find attached the press release.
Summary:
Bekaert completes acquisition of three Pirelli tire cord plants
Today, Bekaert and Pirelli have successfully closed the acquisition by Bekaert of the Pirelli steel cord plants in Figline (Italy), Slatina (Romania), and Sumaré (Brazil). As a part of this transaction, a long-term supply agreement will come into effect for the delivery of Bekaert tire cord products to Pirelli.
The integration process of the three tire cord plants into the Bekaert Group will start immediately.
As announced earlier this year, the agreement between Bekaert and Pirelli also includes Pirelli's steel cord activities in Izmit (Turkey) and in Yanzhou (China). The closing of the acquisition of these two plants will occur when regulatory approvals are obtained in the respective countries. While no assurances can be given, we expect the closing to take place in the first quarter of 2015.
The integration of the steel cord activities and the long-term supply agreement will further enhance Bekaert's status as a preferred supplier to the tire industry.