MILAN—Pirelli & C. S.p.A. is throttling back its activities in Russia, amid the ongoing war in Ukraine and continued supply-chain disruptions in the region, and has set up a "crisis committee" to monitor ongoing developments there.
In a statement linked to the release of its fiscal 2021 financial results, Pirelli said, "Activities of the factories in Russia will be progressively limited to those needed to guarantee the financing of salaries and social services for employees in Russia."
In the statement, Pirelli added that "investments in the local market, excluding those linked to security, have been halted."
Pirelli said its crisis committee will monitor the development of the Russia-Ukraine crisis and the effectiveness of its mitigation actions and contingency planning.