Bekaert and its Chilean partners signed an agreement to restructure the shareholding of their JV operations in Chile, Peru and Canada.
As a consequence, Bekaert becomes the principal shareholder (52%) in the partnership, and will consolidate the results of all respective entities as of 2012 in the Group's financial statements.
Bekaert and its Chilean partners, represented by members of the families Matetic and Conrads, have agreed to restructure their interests in:
Industrias Chilenas de Alambre - Inchalam SA in Talcahuano, Chile
Prodalam SA in Santiago, Chile
Acma SA in Santiago, Chile
Acmanet SA in Santiago. Chile
Productos de Acero SA - Prodinsa in Maipu, Chile
Wire Rope Industries Ltd in Pointe Claire, Canada
Productos de Acero Cassado SA (Prodac) in Callao, Peru
Procables SA in Callao, Peru
All related sales entities and financial companies
Bekaert's presence in Chile dates back to 1950 with a first investment in Inchalam and the start of a joint-venture with the families Matetic and Conrads, Bekaert's partners for more than 60 years now.
Mr Henri Jean Velge group EVP of Bekaert said that "Bekaert will further pursue the business strategy and approach in place. As proven by our long standing partnership, Bekaert will be sustaining the entities' local identity and best practices, while we see increased opportunities for synergies and future growth in the respective businesses as part of Bekaert's consolidated platform and of its important Latin American segment more in particular."
Mr Jorge Matetic partner and member of the board of directors of Inchalam SA and its subsidiaries said that "We are proud to set the basis for a new era of rewarding joint activities between Bekaert and the Conrads and Matetic families."
Mr Juan Conrads, partner and member of the board of directors of Inchalam SA and its subsidiaries, said that "After decades of a very successful partnership with Bekaert, we continue our collaboration by introducing some changes in our corporate structure, which will allow to complement more effectively and efficiently our businesses in Chile, Peru and Canada and offer further prospects for the entire Group."
