MILAN, Italy (April 11) — Pirelli & C. S.p.A. has applied to the Milan stock exchange for a separate listing for its tire business, to operate under the name Pirelli Tyre S.p.A.
The company said it will retain majority ownership of the world's fifth-largest tire company.
The action follows up on the company's disclosure in February that it is considering such a move. The firm will start with an initial public offering of shares on the Borsa Italiana along with a simultaneous private placement reserved for institutional investors in Italy and abroad, Pirelli said.
Pirelli didn't say when the IPO will take place or at what price the shares will be offered. Its notice specifically excludes the sale of shares in the U.S.
Pirelli Tyre—the new name for Pirelli Pneumatici S.p.A.ùhad sales of $4.54 billion last year. It operates 24 factories in 12 countries on five continents, sells tires in more than 160 countries and has nearly 24,000 employees.