Aug 7 2008
Pirelli & C. SpA, Russian Technologies State Corporation and the Government of the Samara Region signed an agreement in the context of the negotiations currently underway between Pirelli and Russian Technologies State Corporation aiming to set up an industrial joint venture in Russia.
According to the document - signed by Marco Tronchetti Provera (Chairman of Pirelli & C. SpA), Sergey V. Chemezov (Director General, Russian Technologies State Corporation) and Vladimir V. Artyakov (Governor of the Samara region) - the joint venture will be jointly controlled and in turn will own 100% of a company founded in Russia which will control production and sale of the JV's products.
The industrial site for tyre production will be located in the territory of the Samara region, in the area of the Togliatti industrial-technological park. The Russian company will build a tyre plant with an initial annual capacity of around 4.2 million car and industrial vehicle tyres. The investment will amount to approximately 250 million euros.
Russian Technologies State Corporation and the government of the Samara region guarantee that they will provide the Russian company with preferential tax treatment in accordance with current legislation. To achieve maximum economic benefits from the JV's activities, the government of the Samara region will come forward with an initiative to grant Special Economic Zone (SEZ) status to the Togliatti industrial-technological park, with all privileges provided for such SEZ.creation departments. T