MILAN (June 4, 2008) — Pirelli & C. S.p.A. said it will discuss the possibility of creating joint ventures to make and sell passenger, light truck and heavy truck tires, steel cord and automotive filters in the Russian Federation and former Soviet Bloc countries.
Pirelli and State Corporation for Assistance to Development, Production and Export of Advanced Technology Industrial Product—also known as “Russian Technologies”—recently signed a letter of intent to begin negotiations that could lead to the creation of a joint industrial venture, Milan-based Pirelli said.
The companies have agreed to work together exclusively until Sept. 30. Upon its establishment, the joint venture would be equally controlled by the two partners.
Pirelli would be responsible for developing the business strategy and conducting the operations of the joint venture, which would be carried out under the Pirelli brand name.
The target market would be Russia and the countries making up the Confederation of Independent States.