Bekaert in Acquisition of Manufacturing Plants from Bridgestone

Cleary Gottlieb is representing NV Bekaert in its acquisition of two steel cord manufacturing plants from Bridgestone, the Japanese tire manufacturer, for an enterprise value of approximately €70 million. The two plants, operated by Bridgestone through local subsidiaries, are based in Sardinia and in China. Concurrently with the acquisition, Bekaert and Bridgestone will enter into a long-term tire cord supply agreement. The acquisition was announced on February 1, and its closing is subject to customary conditions, including regulatory clearances.

Bekaert, which is listed on Euronext Brussels, is one of Belgium’s largest industrial groups and a worldwide leader in drawn wire products and advanced coatings. Cleary Gottlieb has represented Bekaert over the years in a series of M&A and other transactions, including the divestiture of its historical “fencing” division in 2005.