Bridon (
www.bridon.com), the Doncaster-based wire and rope manufacturer, is to be merged into a new joint venture — Bridon Bekaert Ropes Group — that will combine the rope and advanced-cord capabilities of almost 3,000 people working at 19 manufacturing divisions in 11 countries.
The Ontario Teachers’ Pension Plan, which bought Bridon in a £365 million deal just over a year ago, will own one third of the new group, while Bekaert owns the other two thirds.
Bekaert (
www.bekaert.com) chief financial officer Bruno Humblet will become chief executive of Bridon Bekaert Ropes Group, while Bridon chairman Andrew Caffyn has been appointed chairman. The group will be formed out of Bekaert’s businesses in Latin America, Canada and Australia, and the whole of Bridon, which has a strong presence in Europe and the USA.
The latter will contribute about 60% of the new group’s £430 million annual revenues. Its three UK manufacturing sites — at Doncaster, Newcastle and Coatbridge (near Glasgow) — are among 11 sites across the world that will join the new group.
Bridon, which manufactures wire and ropes for the construction, mining and energy sectors, was founded in 1924 from an amalgamation of wire-rope producers, the oldest of which dated back to the late 18th century. The merger will require regulatory approval and is expected to be completed in the spring.