Loss And Layoffs For Pirelli
Pirelli posted a net loss for the third quarter of 325 million Euros, compared with a profit of 15 m Euros in 3Q last year. Chairman Marco Tronchetti Provera revealed that the company will close six factories and lay off 2,400 staff, representing 6 per cent of the workforce. Of the factories to close, three make telecommunications cables and three make energy cables. Tyre division results were good and the energy unit broke even, but neither could compensate for the poor performance of the telecommunications.