Bridon to sell interest in Chinese rope company

Wire rope manufacturer Bridon will sell its majority interest in Bridon Tianjin, manufacturer of elevator rope, to Golik Holdings Ltd, a Hong Kong-based company.

"Our global business strategy involves concentrating on key markets that offer the greatest potential for growth," said Tom McBride, president of the Bridon Group. McBride said elevator rope is not part of the company's strategic market product portfolio, and that Bridon can now concentrate on developing other opportunities in China, with a focus on the recently acquired operation in Hangzhou. "Bridon Hangzhou has a good manufacturing base to serve our core strategic markets in the oil and gas, mining, and construction sectors."

Investment is being made in the operation in Hangzhou with equipment upgrades and the facility being placed to meet the growing demand for high quality rope across Asia. Bridon acquired an 80% shareholding in Hangzhou Super Strength Wire Ropes in May 2008, with the business trading as Bridon Hangzhou Co. Ltd.

The sale of China Rope Holdings to Golik Holdings Ltd is due to complete on 30 November 2008.