On July 18, a worldwide market leader in drawn wire products and advanced coatings Belgium-based Bekaert announced that it has signed an agreement with South Korean steel manufacturer Hankuk Steel Wire Co. Ltd for the acquisition of the Qingdao Hansun steel wire plant in Qingdao, Shandong Province, China.
Bekaert will purchase 100% of the shares of Qingdao Hansun Steel Co. Ltd through its wholly-owned holding company Bekaert Wire Products Hong Kong Co. Ltd. The transaction value amounts to approximately RMB 270 million ($41.7 million). Bekaert and Hankuk Steel Wire expect to close the deal in the third quarter of 2011.
The Qingdao Hansun produces steel wire products for a wide range of applications in sectors such as the construction business, the paper industry, and mining.