KORTRIJK, Belgium—N.V. Bekaert S.A. has completed its acquisition of steel cord plants in Brazil, Italy and Romania from Pirelli Tyre S.p.A., but deals for cord plants in Turkey and China still await final approval from regulatory bodies in those countries, the companies said.
Bekaert and Pirelli announced $350 million deal for Pirelli's tire cord business in February. The business generates about $410 million in sales annually, the companies disclosed earlier.
Pirelli said the transaction for these plants represents about 60 percent of the total value.
The deal includes a long-term supply agreement for Pirelli, the parties said.
The plants being taken over by Bekaert are in Figline, Italy; Slatina, Romania; and Sumaré, Brazil. Bekaert said it expects regulatory approvals for plants in Izmit, Turkey, and Yanzhou, China, in the first quarter.
Kortrijk-based Bekaert said it expects the integration of the activities and the supply agreement will further enhance its status as a “preferred supplier to the tire industry.”