MINING ROPE GIANTS BEKAERT AND BRIDON ANNOUNCE MERGER

The Ontario Teachers’ Pension Plan, owner of wire ropes major Bridon, and Bekaert, also a leader in wire ropes and coating technologies, have announced a merger of their global ropes and advanced cords businesses in the new company Bridon Bekaert Ropes Group, a new joint venture in which Bekaert will hold a majority 67% stake. 

The new group will combine the ropes and advanced cords capabilities of almost 3,000 employees, 19 manufacturing entities across 11 countries, market-focused R&D, and a global sales and service network. 

The definitive merger agreement is subject to customary closing conditions including regulatory approvals and is expected to complete in the first half of 2016. Until closing, both businesses will operate separately and continue to serve their customers autonomously.

Bruno Humblet, currently Chief Financial Officer of Bekaert, has been appointed CEO of Bridon Bekaert Ropes Group. Andrew Caffyn, currently Non-Executive Chairman of Bridon, has been appointed Chairman of the Board. The intended combination “will leverage the scale and complementary strengths of Bekaert and Bridon and will pursue value creation for customers and for the new group.”