European Market to Shrink 10% This Year – Gori

In an interview with Italy’s Il Giornale newspaper, Pirelli CEO Dr Francesco Gori said he estimates that European tyre market to fall 10 per cent during 2009. He noted that the “second and third quarters will be crucial” for the market, as he foresees that the “general halt” caused by economic crisis in the first quarter will be compensated by the October to December period.

Dr. Gori added that the company remains focused on the three-year plan it laid out in February. In response to questioning over Pirelli’s alleged interest in acquiring Continental’s tyre business, the CEO answered that the company was “looking inside ourselves.”