Nov 7 2008
Pirelli & C. SpA and Russian Technologies State Corporation signed an agreement today whereby the new industrial joint venture between the two companies, whose details are currently being finalized, will begin production of tyres in Russia before the end of 2010.
The agreement was signed officially today in Moscow by Pirelli & C. SpA Chairman Marco Tronchetti Provera, and by Russian Technologies Director General Sergey Chemezov, in the presence of Italian Prime Minister Silvio Berlusconi and Russian Federation President Dmitri Medvedev, during the Italy-Russia summit. Pirelli and Russian Technologies began negotiations in recent months for the creation of a jointly-controlled joint venture which will operate in the territories of the Russian Federation and the Commonwealth of Independent States.
The agreements signed between the two companies to date include construction of a new industrial complex for production of car and truck tyres in the Russian region of Samara, whose Government supports the project. The facility will have initial annual manufacturing capacity of about 4.2 million units, for a joint investment of about 300 million euros. The start of construction work on the factory is expected for Summer 2009.