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Bekaert and ArcelorMittal successfully close Sumaré deal
In line with the shareholding structure of the BMB joint venture, ArcelorMittal has become the majority shareholder (55.5%) of the steel cord entity in Sumaré and Bekaert retains the remaining shares (44.5%).
With this transaction, Bekaert and ArcelorMittal extend their partnership in Brazil with the purpose to leverage the operational scale and technological competences of the steel cord business in the country, for the benefit of the customers.
Impact on the financial results of Bekaert:
The Sumaré plant accounted for an estimated € 40 million in consolidated revenue over the first half of 2017, representing approximately € 5.5 million in net result.
As of 1 July 2017, the entity - renamed ArcelorMittal Bekaert Sumaré Ltda – will be accounted for by Bekaert under the equity method: 44.5% of the net result of the entity will then be represented as ‘share in the results of joint ventures and associates’.
The proceeds of the transaction amount to approximately € 56 million, resulting in an estimated gain on disposal of € 38 million (at current currency rates) which will be recognized in Bekaert’s consolidated statements for the first half of 2017.
The foregoing release may contain forward-looking statements regarding the impact of the transaction on the financial statements of Bekaert. Such statements reflect the current views of management regarding future events, and involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. Bekaert is providing the information in this press release as of this date and does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise. Bekaert disclaims any liability for statements made or published by third parties and does not undertake any obligation to correct inaccurate data, information, conclusions or opinions published by third parties in relation to this or any other press release issued by Bekaert.
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