Pirelli Acquires Minority Shareholding in Turkish Tyre Units

Pirelli & C SpA reports its tyre division has purchased the minority shareholdings in the two tyre companies it controls in Turkey for 43 million euros. These purchases were made, Pirelli adds, in order to strengthen the group’s position in what it regards as a strategic country.

Pirelli Tyre acquired 25.75 per cent of Pirelli Turk Lastikleri and 48.0 per cent of Celikord from Isbank. A further 1 per cent stake in Celikord was also purchased from other shareholders. According to Pirelli, it now owns 95.35 per cent of Pirelli Turk Lastikleri and 100 per cent of Celikord.