Pirelli Tyre purchases minority stakes of its two turkish subsidiaries for 43 million euros
Pirelli Tyre purchased today from Isbank the minority stakes of its two Turkish subsidiaries. In detail, the Group bought a 25.75% stake in Pirelli Turk Lastikleri (car and industrial vehicle tyre manufacturing and sales) and a 48% stake in Celikord (steelcord manufacturing and sales). Under the transaction, Pirelli also purchased from other shareholders a further 1% stake in Celikord. The overall amount of the transactions amounted to approximately 43 million euros.
Following this agreement, Pirelli owns a 95.35% stake in Pirelli Turk Lastikleri and a 100% stake in Celikord. The transaction strengthens the Group's position in a strategic country in terms of production, sales and logistics. With more than a half century presence in Turkey, Pirelli today operates in the area of Izmit with a car and industrial vehicle tyre plant, one of the Group's biggest in the world, and with a factory for steelcord production.