MILAN, Italy—Pirelli & C S.p.A. and N.V. Bekaert successfully finalized the sale of Pirelli's steel-cord activities in Izmit, Turkey, to to Bekaert, according to the Italian tire maker.
The deal closing in Turkey follows the transfer from Pirelli to Bakaert of steel-cord plants in Figline, Italy, Slatina, Romania, and Sumaré, Brazil, in mid-December.
“As announced in February 2014, the agreement between Pirelli and Bekaert also includes the transfer of the Italian group's steel-cord activities in Yanzhou, China,” Pirelli said in a statement.
The closing for this operation, it said, will take place when the relevant regulatory approvals are obtained, expected during the first quarter of 2015.
According to Pirelli, the closing was for an enterprise value of around $34 million, and the operation will have approximately the equivalent impact on the consolidated net financial position.