Known for its style, speed and performance marketing values, Pirelli & C. S.p.A. is a multinational company based in Milan, Italy, listed on the Milan Stock Exchange since 1922, with a temporary privatization period by the consortium led by the Chinese state-owned enterprise ChemChina.
Workers at Pirelli Tyres’ operations in both Burton and Carlisle have voted to strike after rejecting the company’s final pay offer of 2.2 per cent, according to the Transport and General Workers Union (T&G). Pirelli had revised the pay deal to 2.2 per cent after workers reportedly rejected a 1.1 per cent offer. Pirelli representatives made no comment in response to the news.
Precisely a year after the Vitaphone Racing Maserati MC12 won the Spa 24-Hour race, Pirelli has once again won the most important GT category race of the FIA-GT season. The same car that won a year ago repeated its success in 2006 at the end of a closely fought and gruelling Belgian marathon. The Italian two-seater crewed by Bertolini-Van de Poele- Bartels fought with the Aston Martin of Piccini-Lemeret-Faessler-Deletraz, which was in the lead until a few laps from the end.
Continental’s Timisoara, Romania subsidiary posted gross profit of 38 million euros (137.8 million Romanian new lei), an increase of approximately per cent in euros from the previous year. At the same time, the turnover of Continental Automotive Products went up by over 33 per cent in euros last year, to approximately 217 million euros (786.6 million lei).
According to local newspapers this makes the German company the biggest player in Romania. Michelin Romania posted about 200 million euro (727. 3 million RON) turnover last year. The increase in Michelin’s business, some 40 per cent exceeded that of Continental in terms of growth rate, but the French have been operating at a loss for a number of years. However Michelin Romania says it expects to get back into the black this year, the news reports added.
(Akron/Tire Review) Strong rumours continue to persist that Pirelli SpA will strike a deal to sell a 39% share in its global tyre operations to a consortium of banks. The deal is reportedly worth 750 million euros.
A British supercar set an astonishing speed record in the heart of London by storming down an airport runway at 175.7mph on Saturday. The £317,500 Mercedes SLR McLaren supercar hit the top speed in a one mile speed challenge at London City Airport, a stone’s throw from ExCel, the venue for the British International Motor Show which was cleared of aircraft for the event.
(Akron/Tire Review) AFX is reporting that Pirelli SpA is in discussions with several banks to consider options “to enhance the value” of its tyre operations.
Just two weeks after their win at Lime Rock Park, Pirelli and Aston Martin returned to the winners circle in the USA at the inaugural
Utah Grand Prix, fifth round of the American Le Mans Series, held at the brand new Miller Motorsports Park near Salt Lake City. The road racing circuit is the longest in the US at 4.5 miles; a challenge of 24 curves made all the more challenging by hot weather and the mixture of salt and sand continually blown onto the asphalt, making it highly abrasive.
BF Goodrich has confirmed its commitment to the FIA World Rally Championship in 2007, despite looking set to be the sole tyre supplier, following Pirelli’s decision to quit the series at the end of this season. BF Goodrich currently supplies all but one of the manufacturer-backed teams, namely the Subaru World Rally team, however, next season all the teams look set to use their tyres.
(Akron/Tire Review) Pirelli tyres will have a prominent place on a “new and highly original” syndicated television show called “Payback,” which debuts on Speed TV this week. The show features celebrities who pay back some of the unheralded people behind their rise to fame with customized vehicle, according to Pirelli, which will be involved in the show’s inaugural broadcast 12 July. In the debut show, Jay Leno has a Corvette customized, including Pirelli P Zero Asimmetrico radials.
Viking International has launched a summer tyre clearance across a wide range of stock. Thousands of sizes have been reduced to clear on premium brands such as Pirelli, Michelin, Continental and Bridgestone as well as selected lines in the company’s private brand range including Viking, Gislaved and Barum. According to the company the sale provides dealers “with an even greater profit opportunity.”
(Akron/Tire Review) AFX has reported that a group of seven banks that had helped manage Pirelli SpA’s failed tyre group IPO are in talks to buy a 35 per cent share in Pirelli Tyre. According to the report, the banks are Mediobanca SpA, Goldman Sachs, Banca Intesa SpA unit Caboto, Capitalia SpA, JP Morgan, Merrill Lynch, and Morgan Stanley. Pirelli SpA offered no comment to Italian news source AGI concerning the speculation.
Pirelli is to step down from being a World Rally Championship tyre supplier at the end of the season, according to motorsport director Paul Hembrey. The decision is based on “marketing reasons” Hembery said in an interview with Autosport magazine.
In the UK, two Unions are today balloting Pirelli workers at plants in Carlisle and Burton-on-Trent about possible industrial action, following the rejection of a 2.2 per cent pay offer. The largest Union is the Transport and General Workers, which has 900 members at Pirelli, while the second Union is Amicus, with 200 members. A T&G spokesman described the plants as “highly profitable for Pirelli”, adding: “The plants need support and investment, not a squeeze on pay.”
Media speculation surrounding film legend Sophia Loren’s participation in the 2007 Pirelli calender continues. It seems everyone is asking: “Does she or doesn’t she pose naked in the world famous calender?” Tyres & Accessories has learnt that Loren does indeed appear in the 2007 collection, making her the oldest person to appear in the Pirelli calender. But the 71-year-old Oscar winner does not pose naked despite reports from Deutschland Radio that she will appear in nothing but a pair of diamond earrings. According to reports Naomi Watts, Penelope Cruz, Lou Doillon and Hilary Swank also all appear in the 33rd edition, which is due to be released in November. This year’s theme, as you might have guesed, is “the movies.”
Banks advising Pirelli Tyre on its initial public offering withdrew the company from floatation at the last minute (30 June). The state of the Italian floatation market was blamed for the decision. Pirelli Tyre had been scheduled to make its debut on the Milan stock exchange on Wednesday 5th July, and was valued at between 1.9 and 2.3 billion euros.
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