Japanese tire producer Bridgestone Corporation (Bridgestone) announced on February 1 that it has entered into a definitive agreement to sell 100 percent of shares of its Italian and Chinese steel cord manufacturing subsidiaries to the world's leading producer of steel wire and steel wire-based products, Belgium-based manufacturing and coating group NV Bekaert SA (Bekaert).
According to a company press release, the manufacturing subsidiaries to be sold are Bridgestone Metalpha Italia S.p.A. and Bridgestone Steel Cord Co., Ltd. As part of this transaction, Bridgestone has entered into a long-term tire cord supply agreement with Bekaert, which will ensure a stable supply of quality cord and will enhance the ongoing relationship of the two companies. The parties will complete the transaction once all applicable governmental and regulatory approvals are received.