February 28, 2014 / 7:21 AM / in 4 years

Pirelli sells steelcord business to Bekaert for 255 mln euros

MILAN, Feb 28 (Reuters) - Italian tyremaker Pirelli said on Friday it had agreed to sell all of its steelcord business to Belgium’s Bekaert in a deal worth around 255 million euros ($348.88 million).

In a statement, Pirelli said its exit from the business would allow it to focus on its higher-margin premium tyre business.

The deal includes all five Pirelli steel cord facilities in Italy, Turkey, Romania, China and Brazil.

Closing is expected in the second half of the year, it said.

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