Southern Steel Berhad (SSB) and Bekaert have agreed to a joint venture, 45% owned by SSB and 55% owned by Bekaert. SSB is a leading Malaysian Steel Group, and Bekaert is a global leader in drawn steel wire products and advanced coatings. SSB will bring its interests in both Southern Wire Industries Malaysia Sdn Bhd (SWI) and Southern Specialty Wire Sdn Bhd (SSW) to the table, and Bekaert will bring its galvanized wire activity platform.
“Developing a partnership with Southern Steel will create a production and sales platform for our joint wire and ropes activities in South-East Asia that responds to our ambitions for growth in the region.”
— Henri-Jean Velge, Bekaert Group Executive Vice President Wire
The deal has an estimated value of approximately 63 million USD, and is expected to be completed by the third quarter of 2012. -Press Release from Bekaert. 5.09.12