Belgian steel cable and wire manufacturer Bekaert reported a 42 percent increase in 2013 in adjusted operating profit from its restructuring. The company boosted profits in Asia and Europe by significantly reducing its debt.
Bekaert, whose steel wire reinforces a quarter of the world's car tires, said it felt strong demand from the auto sectors in China and Europe in the second half of 2013. As a result, the company reduced its debt by a quarter to 574 million euros. The Group's shares are up 9.5 percent in recent years, making it the strongest player in the Belgian equities market.
About two-thirds of Bekaert's market value was shattered in 2011 following problems in the market for sawing wire used for solar panels. This prompted restructuring and the reduction of 1,850 jobs and savings of around € 100 million per year.
Sales in the Asia-Pacific region rose to 8.1 percent from 3.9 percent, while in America they did not fall. Sales also increased in Europe, the Middle East and Africa, although not as much as in Asia.
Operating profit rose to € 166 million ($ 227.11 million). Bekaert announced that it has signed a contract for the supply of steel cord for Italian tire manufacturer Pirelli on a long-term basis. The group said the company's deal would add about $ 300 million a year to Bekaert's revenues.
The restructuring of the Belgian cable production BEKAERT brings results
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Azovpromstal® 3 March 2014 г. 09:51 |
