wiredInUSA June 2018

Full ownership in view

Bekaert has reached an agreement in principle with the Ontario Teachers’ Pension Plan to buy its 33 percent equity share in the wire and fiber rope manufacturer Bridon-Bekaert Ropes Group (BBRG). A press release said that the ropes and advanced cords business, which became BBRG at the end of June 2016, will become a wholly owned subsidiary of Bekaert. “Taking full ownership ... fits within the ambitions and strategy of Bekaert to grow a global ropes and advanced cords business that will create significant value over time for customers worldwide and for the Bekaert Group.”

company to follow this direction as BBRG was established in a period that saw weak markets and integration challenges. “Taking full control ... will allow us to accelerate the turnaround efforts, drive greater synergies between BBRG and the Bekaert Group and take advantage of the complementary nature of the businesses.” He noted that the deal reflects Bekaert’s commitment to, and belief in, BBRG, and will enable Bekaert to focus on helping BBRG achieve its true potential. “I will personally take up the role of CEO of BBRG, alongside my existing role as CEO of Bekaert,” Mr Taylor added.

Bekaert CEO Matthew Taylor said in the release that it made sense for the

wiredInUSA - June 2018

20