Eib and Pirelli: financing agreement for 50 mln Euros signed to increase tyre production in Romania
Bucharest, 17 December 2009 – The European Investment Bank (EIB) and Pirelli have signed a financing agreement for EUR 50 million today. The loan will finance an increase in tyre production for cars and light commercial vehicles in Pirelli’s production facility in Slatina, Romania. It will be used within the context of the EUR 250 million in investments previously announced by the Group for its Romanian activities for a three-year period from 2009 to 2011. The new loan consolidates the relationship between Pirelli and the EIB, which in the past participated in the Group’s consistent commitment to innovation and increasing competitiveness globally, in research and development as well as in support of industrial growth.
EIB The task of the EIB, the European Union’s financing institution, is to contribute to the integration, balanced development and economic and social cohesion of the Member States by financing sound investment. Thanks to its Statute and shareholders, the 27 Member States, including Romania, the EIB has an AAA-rating and therefore it can borrow funds on the capital markets on favorable terms, which it passes on via the loans that it grants to its clients and final beneficiaries. Since 1990 the EIB’s lending in Romania has amounted to some EUR 7 billion, for financing investment projects associated with Romania’s integration into the EU. PIRELLI GROUP Pirelli & C. SpA is the company listed on the Italian stock exchange at the head of a multinational group active in more than 160 countries, with industrial experience of more than 135 years. In the tyre sector is Pirelli Tyre, the fifth largest manufacturer worldwide in terms of revenue and leader in the high end of the market, with 23 factories located around the world. In the real estate sector the Group is present with Pirelli RE with businesses mainly in Italy and Germany. Thanks to its focus on technology and research, in recent years the Group has started up initiatives in industries with a high innovation content, such as sustainable mobility and renewable energy, with Pirelli Eco Technology and Pirelli Ambiente. In broadband access the Group operates with Pirelli Broadband Solutions.