PIRELLI FINALIZES SALE TO BEKAERT OF ITS STEELCORD PLANT IN TURKEY
Pirelli and Bekaert successfully finalized the sale to Bekaert of Pirelli’s steelcord activities in Izmit, Turkey. The deal closing in Turkey follows the transfer from Pirelli to Bakaert of steelcord plants in Figline (Italy), Slatina (Romania) and Sumaré (Brazil), already announced on December 18th, 2014. As announced in February 2014, the agreement between Pirelli and Bekaert also includes the transfer of the Italian group’s steelcord activities in Yanzhou (China). The closing for this operation will take place when the relevant regulatory approvals are obtained, expected during the first quarter of 2015. The closing was for an enterprise value of around 30 million euro and the operation will have approximately the equivalent impact on the consolidated net financial position. As already noted, the economic and financial impact of the sale was not included in the estimates contained in the industrial plan which Pirelli presented to investors in November 2013. 
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