Bekaert and ArcelorMittal successfully close Sumaré deal
22 Juin 2017 - 07:30AM
Bekaert and
ArcelorMittal successfully close Sumaré deal
Bekaert and ArcelorMittal have closed
the transaction to integrate Bekaert's formerly wholly-owned
subsidiary in Sumaré (Brazil) into the BMB (Belgo Mineira Bekaert
Artefatos de Arame Ltda) partnership.
In line with the shareholding structure
of the BMB joint venture, ArcelorMittal has become the
majority shareholder (55.5%) of the steel cord entity in
Sumaré and Bekaert retains the remaining shares (44.5%).
With this transaction, Bekaert and
ArcelorMittal extend their partnership in Brazil with the purpose
to leverage the operational scale and technological competences of
the steel cord business in the country, for the benefit of the
customers.
Impact on the financial results of
Bekaert:
The Sumaré plant accounted for an
estimated € 40 million in consolidated revenue over the first half
of 2017, representing approximately € 5.5 million in net
result.
As of 1 July 2017, the entity - renamed
ArcelorMittal Bekaert Sumaré Ltda - will be accounted for by
Bekaert under the equity method: 44.5% of the net result of the
entity will then be represented as 'share in the results of joint
ventures and associates'.
The proceeds of the transaction amount
to approximately € 56 million, resulting in an estimated gain on
disposal of € 38 million (at current currency rates) which will be
recognized in Bekaert's consolidated statements for the first half
of 2017.
Press release in PDF
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information contained therein.
Source: Bekaert via Globenewswire
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