Bridon invests in Chinese rope manufacturer

Wire rope manufacturer Bridon has announced a US$ 1.6million deal to secure a majority shareholding in Tianjin Golik Ltd., which produces elevator ropes near Beijing in China. Bridon said the deal will allow it to develop its involvement in the crane market in China. The new company will trade as Bridon Tianjin Rope Ltd. and will add an annual 8000 tonnes of specialist wire rope manufacture.

“This is a key strategic acquisition,” said Bridon managing director, Steve Rutherford. “The industrial and construction industries in China have experienced an 8 % growth over recent years and the figure is predicted to rise further still. With significant investment from Bridon, the Tianjin plant will be ideally placed to capture a greater percentage of this rapidly expanding market,” Rutherford continued.

The existing management team and 256 local employees will remain and Bridon will bring capital investment, technical experience, its reputation and expertise.

“The international market represents a large proportion of Bridon's current production and we are delighted to welcome Bridon Tianjin Rope into the Group,” said Rutherford. “With the support of Bridon's existing manufacturing and marketing networks we are confident of success.”

Bridon was established in 1924 and now has a turnover of UK£ 160 million ($ 300 million). It already manufactures in the UK, Germany, the US, Indonesia, and New Zealand.