MILAN, Italy (Nov. 11)—Pirelli S.p.A., plagued by "unprecedented" problems in the telecommunications industry, fell $359 million into the red in the third quarter and announced it will shut six cables plants and lay off up to 2,400 workers in the cable sector. Pirelli's tire business, on the other hand, posted improved sales and earnings for the three- and nine-month periods ended Sept. 30. Pirelli said it would take a charge of $263 million to cover costs associated with the closings.
Pirelli falls $359 million into red; to close six cables plants
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