Bekaert successfully completes acquisition of ropes business in Australia
Summary:
Bekaert and Arrium have successfully closed the acquisition by Bekaert of Arrium's wire ropes business in Newcastle, Australia. The integration of the Australian ropes activities enables Bekaert to take a leading global market position in mining ropes and enhances the company's growth strategy in steel wire ropes in general.
Bekaert and their Chilean partners (through Matco Cables SpA) have acquired the wire ropes business of Arrium Ltd. The Australian entity has been named Bekaert Wire Ropes Pty Ltd and is part of the Bekaert Rope Group in which Bekaert and Matco Cables SpA hold 65% and 35% respectively of the ropes entities in Canada, Chile, Peru, Brazil, the US, and Australia.
The financial results of Bekaert Wire Ropes Pty Ltd will be included in the consolidated statements of Bekaert as from 1 March 2015.