Bridon-Bekaert Ropes Group begins business
Bekaert, world market and technology leader in steel wire transformation and coating technologies, and Ontario Teachers’ Pension Plan, the previous owner of Bridon, have successfully closed the definitive merger of their ropes and advanced cords businesses.
Andrew Caffyn, previously Chairman of Bridon, has been appointed Chairman of the Board of the new company. Bruno Humblet, previously Chief Financial Officer of Bekaert, has been appointed CEO. Bruno will be replaced by Beatríz García-Cos Muntañola, the newly appointed CFO of Bekaert.
The merger deal, announced on 7 December 2015, has satisfied all regulatory requirements and customary closing conditions, including clearance by merger control authorities in the US, EU, Brazil, Chile, Australia, China, and South Korea. Bekaert and Ontario Teachers’ have established a joint venture in which Bekaert holds 67% and Ontario Teachers’ 33%. The joint venture starts its merged operations today under the Bridon-Bekaert Ropes Group name. Bridon-Bekaert Ropes Group combines the ropes and advanced cords capabilities of approximately 2 500 employees, 19 manufacturing entities across 11 countries, market-focused R&D, and a global sales and services network. The combination of the businesses will leverage the scale and complementary strengths of Bekaert and Bridon and will pursue value creation for customers and for the new group.