Cleary Gottlieb is representing Bekaert in its agreement with Ontario Teachers’ Pension Plan to merge the ropes and advanced cords business of Bekaert with Bridon International. Bekaert will hold 67% and Ontario Teachers’ will hold 33% of the joint venture vehicle. The joint venture will account for approximately €600 million in sales on an annual basis. The new group will have almost 3,000 employees, 19 manufacturing entities across 11 countries, and a global sales and service network.
Bekaert is a major Belgian industrial group specializing in steel wire transformation and coating technologies. Bekaert is listed on Euronext in Brussels and has 30,000 employees worldwide with €4 billion in annual revenue.