Bekaert completes acquisition of tire cord business from Bridgestone in China and Thailand
Bekaert has successfully completed the acquisition of Bridgestone's tire reinforcement business in China and Thailand, following the successful completion of all customary closing conditions and the receipt of regulatory approvals.
The transaction includes the tire cord production facilities in China (Bridgestone (Shenyang) Steel Cord Co., Ltd.) and Thailand (Bridgestone Metalpha (Thailand) Co. Ltd.), that manufacture high-quality tire cord products for Bridgestone tires.
The completion of this transaction further strengthens the long-standing strategic partnership between Bekaert and Bridgestone. The acquired operations will continue to supply Bridgestone.
The transaction is estimated to add approximately € 80 million to Bekaert's consolidated sales on an annual basis. The cash consideration of € 60 million is funded from available cash balances.
Curd Vandekerckhove, CEO Rubber Reinforcement commented: "With the completion of this acquisition within our Rubber Reinforcement division, we are pleased to officially welcome the plant teams in China and Thailand to Bekaert. Our immediate focus is on a smooth transition and operational continuity, while continuing to serve Bridgestone as a key strategic partner. The completion of the acquisition further strengthens the position of Bekaert in the tire cord market, expands the global manufacturing footprint, and deepens our long-standing partnership with Bridgestone. A long-term supply agreement ensures continued delivery of high-quality tire reinforcement within a trusted supplier model."
