Belgium-based Bekaert is merging its Proalco SAS division in Colombia with Almasa SA. Both companies will hold a 50pc stake each in Proalco after the merger.
The deal is expected to close by December 2020, subject to regulatory approvals, according to a press release from the Belgian steel wire maker on Sep 28.
The merged entity will supply the Agro-Bekaert Colombia SAS joint venture with mattress spring systems and enable export opportunities, leverage human resources, and combine the expertise of the two companies.
Bekaert employs about 28,000 people worldwide and achieved a €5billion in combined revenue in 2019 from steel wire and coated wire products. Proalco and Almasa achieved revenues of €65mn ($76mn) and €20mn, respectively, last year.