Pirelli and Russian Technologies: agreement signed for start of tyre manufacturing in Russia in 2010
Moscow (Russian Federation), 6 November 2008 - Pirelli & C. SpA and Russian Technologies State Corporation signed an agreement today whereby the new industrial joint venture between the two companies, whose details are currently being finalized, will begin production of tyres in Russia before the end of 2010.
The agreement was signed officially today in Moscow by Pirelli & C. SpA Chairman Marco Tronchetti Provera, and by Russian Technologies Director General Sergey Chemezov, in the presence of Italian Prime Minister Silvio Berlusconi and Russian Federation President Dmitri Medvedev, during the Italy-Russia summit. Pirelli and Russian Technologies began negotiations in recent months for the creation of a jointly-controlled joint venture which will operate in the territories of the Russian Federation and the Commonwealth of Independent States.
The agreements signed between the two companies to date include construction of a new industrial complex for production of car and truck tyres in the Russian region of Samara, whose Government supports the project. The facility will have initial annual manufacturing capacity of about 4.2 million units, for a joint investment of about 300 million euros. The start of construction work on the factory is expected for Summer 2009.
About Russian Technologies
Russian Technologies State Corporation - is a legal body established by the Russian Federation Government in the form of State Corporation business entity in accordance with Federal Law dated November 23, 2007. The mission of the Russian Technologies State Corporation is assistance to Russian design and manufacturing organizations in developing, producing and exporting high technology industrial products in the domestic and foreign markets, and attracting investments to enterprises in various sectors of industry.
Pirelli & C. SpA is the parent company, listed on the Italian Stock Exchange, of a multinational Group with 136 years of history, active in 160 countries. Pirelli operates in the tyre sector through Pirelli Tyre, the fifth tyre manufacturer in the world in terms of revenues, and in real estate with Pirelli RE, leader in Italy and among the major players in the European market. The Group invests approximately 4% of the revenues of its industrial businesses in research and innovation and has recently started new initiatives in sectors with high technology content such as broadband access, environment, sustainable mobility, photonics and industrial design.