BRUSSELS, Dec 7 (Reuters) - Belgian steel wire and cable
maker Bekaert NV BEKB.BR has agreed a steel ropes and cords
joint venture with Bridon International Ltd to share wire
technology used in mining and construction and spread to more
countries.
Bridon Bekaert Ropes Group will have almost 3,000 employees,
19 manufacturing sites in 11 countries and some 600 million
euros in annual sales. Bekaert will own a 67 percent stake and
the Ontario Teachers' Pension Plan, which owns Bridon, will take
33 percent.
Bekaert will contribute its ropes and advanced cords
business to Bridon, which specialises in wire ropes used in
construction, mining, oil and gas extraction, telecoms and other
specialised areas of engineering.
Bekaert has a well-established steel ropes business in Latin
America, Canada and Australia, while Bridon is strong in Europe
and North America.
Bekaert's Chief Financial Officer Bruno Humblet has been
appointed chief executive of the venture.