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Pirelli to Invest US$100 million in Argentina Plant

International News

Pirelli has announced plans to consolidate its already strong position in South America by expanding production at its Merlo, Buenos Aires, Argentina factory to 6 million units a year by 2013 with investment of US$100 million. The announcement prompted news agency Reuters to add Pirelli to its list of Italian “stocks to watch” on 21 October, owing to the fact that Argentina is “South America's number two economy.” By the end of 2010, Pirelli’s Argentinean sales are expected to grow by 55 per cent to $365 million and the target for 2013 is $500 million. This compares with 235 million dollars in 2009. Some news reports suggested the move means the firm "will move part of its production to Argentina, from Brazil and Europe." Company representatives did not comment on what, if any, affect the expansion plans would have on its existing European production capacity.

21st October 2010/by Tyrepress Editors

Pirelli Ups 2010 Targets

A review of preliminary financial data for the nine months ended September 30, 2010 has led the Pirelli & C. SpA Board of Directors to upwardly revise 2010 targets. The Board’s October 14 review of the preliminary data was made in view of the company’s new 2011-2013 three-year plan, and Pirelli says that the “positive performance of Pirelli Tyre in the first nine months of the year and the present market context permit a further upward revision of 2010 targets.” Targets had previously been raised when the first quarter and first half results were announced.

15th October 2010/by Tyrepress Editors

Pirelli Celebrates F1 Tyre Factory Inauguration

On September 23 Pirelli officially inaugurated what it calls the “Factory of Champions” at its plant in Izmit, Turkey, where the company will produce tyres for all Formula One teams during the 2011 to 2013 seasons. The inauguration served as a double celebration for Pirelli, as 2010 marks the 50th anniversary of the Izmit facility’s opening and the Italian tyre maker’s operations in Turkey.

24th September 2010/by Tyrepress Editors

Shareholders Approve Pirelli RE Split

At an Extraordinary Shareholders' meeting held on July 15, Pirelli C. & SpA shareholders approved the separation of Pirelli Real Estate from the Pirelli Group by way of proportional assignment to ordinary and savings shareholders. These shareholders will be assigned a total of 487,231,561 ordinary Pirelli RE shares that are currently held by Pirelli & C. To this end, the shareholders approved a reduction of the share capital in an amount equal to 178,813,982.89 euros, a sum that corresponds to the value of the Pirelli RE stake being assigned and was determined on the basis of the official Pirelli RE share price as of 14 July 2010.

19th July 2010/by Tyrepress Editors

Pirelli Partners for Summer Safety

Italian drivers have earned themselves something of a reputation for not being Europe’s meekest motorists, so news of Pirelli’s co-presentation of a summer road safety campaign is very welcome indeed. On June 16 the tyre maker, in collaboration with ‘Autostrade per l’Italia’ and Telepass (the company that builds and manages Italy’s motorways and its electronic toll collection system), presented the “Safe&Go” summer road safety campaign, to be operated under the patronage of the Italy’s minister of Infrastructure and Transport, Altero Matteoli. The minister attended the launch along with Pirelli Group chairman Marco Tronchetti Provera, together with Giovanni Castellucci and Fabio Cerchiai, respectively the managing director and president ‘Autostrade per l’Italia’.

18th June 2010/by Tyrepress Editors

Pirelli Unveils Chinese Logo

In June 2010, Pirelli launched its new Chinese logo at a ceremony in Beijing attended by automotive industry executives, celebrity guests plus Chinese and international media. Pirelli describes the event as a “truly historic moment” that serves “as a testament to Pirelli’s product superiority and continued commitment to the Chinese market.”

16th June 2010/by Tyrepress Editors

Pirelli Real Estate is Now Prelios

Pirelli Group’s board of directors has agreed to change the name of Pirelli Real Estate (the wing it recently decided to spin off) to Prelios. The change will take effect when the separation of Pirelli RE from Pirelli & C, is finalised. During the same announcement Pirelli also revealed that Enrico Parazzini has been appointed as the firm’s new managing director finance. This appointment follows the resignation of Claudio De Conto, who held the same position.

2nd June 2010/by Tyrepress Editors

Pirelli Confirms Real Estate Spin Off

The board of Pirelli & C. has confirmed what the market has been predicting for some time – the company has “resolved upon a plan for separation of Pirelli Real Estate” from the rest of the tyre dominated business. According to the company, such a separation will occur through the assignment of nearly all Pirelli RE shares held by Pirelli & C. to ordinary and savings shareholders of Pirelli & C., and, therefore, via voluntary reduction of the corporate capital of Pirelli & C. for “an amount equal to the value of the Pirelli RE stake being assigned.” Now shareholders have to approve the transaction by July in order for the actual separation, planned for the end of 2010, to take place.

6th May 2010/by Tyrepress Editors

Pirelli Examining Real Estate Spin-Off

Pirelli & C. SpA confirmed yesterday (3 May 2010) that its board of directors is meeting today “to examine, among other things, the transaction for separation of Pirelli Real Estate from the Pirelli Group.” According to various sources, the timing of the meeting (a day before the company’s first quarter 2010 results presentation) suggests that the company is likely to announce a spin-off of the real estate business tomorrow 5 May. Deutsche Bank analysts estimate that the move is worth 0.04 euros a share or 8.5 per cent of market capitalisation.

4th May 2010/by Tyrepress Editors

Pirelli Opens Historic Archives to the Public

Last year the Pirelli Group, in order to establish a lasting record of the company’s activities and the role it has played in Italy’s social and entrepreneurial history, established the Pirelli Foundation. On April 14, 2010 the company presented the Foundation and opened its Historic Archives, which it describes as being the Foundation’s “heart”, to the city of Milan. The presentation ceremony took place in the presence of Pirelli chairman Marco Tronchetti Provera; deputy chairman Alberto Pirelli; honorary chairwoman of the Foundation Cecilia Pirelli; and Foundation director Antonio Calabrò. All the materials kept in the archives, which since 1972 have been under Archival Superintendency protection due to their historic importance, are now available to students, researchers and members of the public.

15th April 2010/by Tyrepress Editors

Pirelli Negotiated the Crisis Year Well

During the global recession and financial crisis of 2009, tyre manufacturer Pirelli negotiated the challenges thrown at it better than expected and in doing so proved it is what many companies only claim to be: a storm-proof edifice. With its world-renowned Pirelli premium brand, the Italian tyre business retains its pattern of growth.

11th February 2010/by Tyrepress Editors

Pirelli Negotiated the Crisis Year Well – Holds Potential for Further Growth

During the global recession and financial crisis of 2009, tyre manufacturer Pirelli negotiated the challenges thrown at it better than expected and in doing so proved it is what many companies only claim to be: a storm-proof edifice. A crucial factor in this was its very solid manufacturing network. In Europe the output from factories in Italy and other West European sites are supplemented by deliveries from Romania and Turkey. North and Latin America are largely supplied with products from Brazil, and in China Pirelli erected a truck tyre plant and subsequently established site a passenger car tyre facility at the same site.

3rd February 2010/by Tyrepress Editors

Pirelli Negotiates Financing to Increase Slatina Plant Capacity

In late December Pirelli signed a 50 million euro financing agreement with the European Investment Bank (EIB) that will provide the funds to increase tyre and light commercial vehicle tyre production capacity and Pirelli’s facility in Slatina, Romania. This sum will be used within the context of the 250 million euro investment the Pirelli Group previously earmarked for its operations in Romania in the three-year period between 2009 and 2011.

5th January 2010/by Tyrepress Editors

It’s Official – Pirelli to Buy & Build in Russia within JV

Pirelli’s intention to acquire an existing facility in Russia have been confirmed by official news of a joint venture agreement signed between the Italian tyre maker and state-owned firm Russian Technologies. According to the December 3 news, the terms of the agreement extend the collaboration to produce tyres and steelcord in Russia to not only include the construction of a plant in the Samara region in the second half of 2010. The 50/50 joint venture agreement will also cover, in Pirelli’s words, an already existing factory “which is currently being identified among some potentially interesting Russian enterprises”. The acquisition will most likely take place in 2010, Pirelli adds.

4th December 2009/by Tyrepress Editors

Pirelli to Buy Russian Plant ‘Next Year’

Pirelli & C SpA and state-run Russian Technologies will reportedly buy an existing tyre plant in Russia “next year.” Speculation continues as to exactly which plant Pirelli is interested in. However, Pirelli group chairman Marco Tronchetti-Provera’s earlier remarks that the plant is “relatively new” suggest it is likely to be an ex-Amtel-Vredestein site, with Voroznezh and Kirov leading the running.

Quoting a joint statement published today (3 December 2009), the two companies confirmed that their joint venture will also build a new plant in the Samara region of Russia for production of tyres and metal cord. As has been previously been reported, the new 300 million euro ($453.4 million) plant is expected to have an annual capacity of 4 million units within five years and employ 1,500 people.

3rd December 2009/by Tyrepress Editors