OTPP-backed Bridon and Bekaert to merge ropes and cords units
Ontario Teachers' Pension Plan (OTPP), the owner of U.K.-based Bridon, has agreed with Belgium's Bekaert to combine the ropes and advanced cords operations of the two companies. No financial terms were released. The new business, Bridon Bekaert Ropes Group, will have 19 manufacturing entities in 11 countries. It will be jointly owned by Bekaert and OTPP, with the former holding a 67 percent stake, and the latter a 33 percent stake. The partners said the combined business will account for about € 600 million (US$653 million) in sales annually. Teachers' Private Capital, the private equity arm of OTPP, acquired Bridon from Melrose Industries in 2014.
7 December 2015•2 mins read
