Pirelli sells its stake in Alcatel-Lucent Submarine Networks
The transaction was carried out following Pirelli's exercise of a put option agreed on between the two companies in 2004, at the time of the agreement where Alcatel acquired certain Pirelli assets in submarine systems. The sale, for an overall value of 56 million euros, will occur in three tranches by the end of 2009.
Pirelli's withdrawal from the business is coherent with the strategy of focusing on its core business as announced by the Group on the occasion of the presentation of the 2009-2011 industrial plan.
Pirelli & C. SpA is the company listed on the Italian stock exchange that is parent company of a multinational group active in more than 160 countries with industrial experience of more than 135 years. In the tyre industry, Pirelli Tyre is the fifth largest manufacturer in the world in revenue terms and is a leader in high end segments, with 23 factories in 12 countries around the world. In real estate, Pirelli RE has businesses primarily in Italy and Germany. Thanks to a focus on technology and research, in the last few years the Group has started up initiatives with high innovation content, such as in sustainable mobility and renewable energy, with Pirelli Eco Technology and Pirelli Ambiente. Pirelli Broadband Solutions offers broadband access solutions, while Pirelli Labs is the advanced research center at the services of all Pirelli's businesses.