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March 02, 2012 01:00 AM

Pirelli's Russian JV completes tire plant purchase

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    MOSCOW (March 2, 2012)—Pirelli & C. S.p.A. and Russian Technologies State Corp. have completed their purchase of the Voronezh, Russia, tire plant of Russian petrochemical company Sibur Holdings.

    The transaction is part of a $300 million deal involving Sibur's Voronezh and Kirov, Russia, tire plants. The Pirelli-Russian Technologies joint venture took control of the Kirov factory in January.

    The joint venture has committed to spending $265 million through 2014 to improve the plants and develop the business.

    The 61-year-old Voronezh plant will specialize in top-of-the range tires with an output of 2 million units a year in 2012 and 4 million a year by 2014, Pirelli said, by which time the plant's output will be converted largely to the Pirelli brand.

    The Kirov plant produces 6.5 million units annually. While its production will not change significantly, more than 60 percent of capacity will be converted to the Pirelli brand.

    Annual revenues of the venture are expected to be around $400 million this year and more than $675 million by 2014.

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