Bekaert has increased its stake in UK-firm Titan Steel & Wire to make it a wholly-owned subsidiary.
The move up from an existing majority holding in the company strengthens Bekaert’s advance wire products division, which supplies steel fibres to the tunnel industry.
Bekaert acquired the majority stake in Titan Steel & Wire in 2001 as part of a strategic move that has seen it since invest about US$17.5M in the subsidiary business with additional product lines and technologies. The increased ownership stake will also see the Surrey-based firm re-branded as Bekaert.
Titan Steel & Wire was established more than 40 years ago, originally as a JV between local businesses and the Japanese interests of Mitsui, Kobe Steel and Shinko Wire. The business employs about 150 people at the Surrey site, but has served international markets, including North America.
Revenues from Bekaert’s global steel fibre activities in the tunnelling sector increased in 2006, and volumes were also higher (T&TI, March 2007, p12).
