Pirelli Signs 100M Euro R&D Financing Arrangement

Pirelli has organised a 100 million euro loan with the European Investment Bank (EIB) in order to support research and development projects in the years between 2009 and 2012. A financing agreement was signed on November 12 and Pirelli states this new loan consolidates the relationship it has with the EIB, which in the past contributed to the company’s “constant commitment to innovation and development of its competitiveness on a global scale.”

“We are happy to continue in our tradition of supporting the Pirelli group, which makes investment in research one of the pillars of its policy for growth in international markets, placing great attention on the goal of reduction of polluting emissions – which is a priority for EIB,” said Dario Scannapieco, EIB vice president in charge of Italy, Malta and the Western Balkans.

The loan, says Pirelli, will finance research and development in the field of product and manufacturing process innovation in order to reduce the environmental impact of its tyres; the company aims, amongst other things, to improve their performance and safety standards by identifying innovative new materials and components. The work will be carried out at a number of Pirelli’s R&D centres in Italy and abroad, and was finalised as part of the 200 million euro credit line resolved upon by the EIB in July.

“The loan from EIB,” said Pirelli chairman Marco Tronchetti Provera, “represents a contribution to and an important recognition of the research activity of Pirelli, which has always been strongly committed in this direction with the aim of improving quality of products for the benefit of consumers and the competitiveness of the group on the market. Today, in particular, this effort shows us committed to development of products and processes that are more and more eco-compatible, that is, oriented towards adopting technologies that offer customers not only safety and high performance, but also solutions which are respectful of the environment.”