Bekaert and Almasa recently agreed to merge Proalco SAS, a Bekaert subsidiary, with the steel wire activities of Almasa SA, both of which are located in Colombia.
A press release said that the partnership intends to create value by combining expertise and resources in offering existing and new steel wire products and solutions to the market. With manufacturing activities in the center and on the Atlantic coast of Colombia, the merger will promote employment, enable export opportunities and facilitate the supply of upholstery steel wire for Bekaert’s recently established mattress spring systems joint venture, Agro-Bekaert Colombia SAS, located in Malambo, Atlantico.
Bekaert Ideal Holding (in which Bekaert holds 80% of the shares) and Almasa SA would each hold 50% in Proalco SAS after the merger. SAS generated €65 million in revenue in 2019.