Pirelli´s tire business soars in 1st quarter

MILAN, Italy (June 6)—Based in part on the first-time consolidation of results from Pirelli Tires Alexandria in Egypt, Pirelli S.p.A.´s tire sector reported a 22.1-percent increase in first-quarter sales. The company reported healthy sales increases in all sectors, including 31-percent growth in light truck tires and 19 percent in medium truck tires. Overall, tire sector sales increased to $700 million. Pirelli S.p.A. sales rose 17.8 percent to $1.74 billion, while operating earnings rose 20.1 percent to $189 million. Pirelli bought majority control of truck tire maker Alexandria Tire last fall, and has budgeted nearly $140 million through 2003 to expand and modernize the Alexandria, Egypt, factory.