Sabancı Holding, the most valuable conglomerate of Turkey, and NV Bekaert SA have signed a letter of intent to sell 50% of the shares in Beksa Celik Kord Sanayi ve Ticaret A.S. Upon completion of the selling process, Bekaert will acquire full ownership of Beksa, in which it already has a 50% stake. The value of the transfer executed is estimated to amount for some EUR40.3 million.
Transfer of the shares will be finalised after receiving approvals from the respective authorities.
Located in Izmit, Beksa manufactures steel cord products and Dramix® metal fibres for a variety of industrial applications in automotive and building industry. Beksa employs about 330 people and recorded EUR80 million sales in 2006.
Making a statement on the matter, Turgut Uzer, President, Business Unit of Tire, Tire Reinforcement Materials and Automotive, commented: "Because of changes both in the structure of its client portfolio and in the market, Beksa had become less aligned with Sabancı Holding's long-term strategies. We have come to a good agreement with our longstanding partner Bekaert on the sale of our share in Beksa. I would like to thank them for twenty years of excellent collaboration in the joint venture and wish them a successful continuation of the business."
While, Marc Vandecasteele, Group Executive Vice President of Bekaert, stated: "This agreement allows us to fully integrate Beksa in Bekaert's global manufacturing portfolio. Beksa will be further developed both as a key supplier to the growing domestic tire market and as an export base. Along with our local management we will pursue our business strategy to deliver high quality products to our customers. We will also maintain the good relationships we have built up with Sabancı throughout the years."
About Sabancı Holding
Haci Omer Sabancı Holding A.S. is the parent company of the Sabancı Group, Turkey's leading industrial and financial conglomerate. The Sabancı Group is composed of 70 companies, many of which are recognized market leaders in their respective sectors. Sabancı Holding's main business units include financial services, retailing, tire and tire reinforcement materials as well as automotive, cement and energy. Sabancı Holding, a listed company itself, has also controlling interests in 13 companies listed on the Istanbul Stock Exchange. In 2006, the consolidated sales revenue of Sabancı Holding was YTL16.9 (USD12.1) billion.
Bekaert (www.bekaert.com) seeks sustainable profitable growth based on its two core competences: advanced metal transformation and advanced materials and coatings. Bekaert aims to consolidate its position as both market and technological leader around the world. With its broad range of high technology products, systems and services, Bekaert offers high added value for its customers. Bekaert (Euronext Brussels: BEKB) is a European based company, headquartered in Belgium, employing 10.400 people. Bekaert, present in 120 countries, generates annual combined sales of more than EUR3 billion.