Aug 22 2008
The transaction strengthens the Group's position in a strategic country in terms of production, sales and logistics
Pirelli Tyre purchased today from Isbank the minority stakes of its two Turkish subsidiaries. In detail, the Group bought a 25.75% stake in Pirelli Turk Lastikleri (car and industrial vehicle tyre manufacturing and sales) and a 48% stake in Celikord (steelcord manufacturing and sales). Under the transaction, Pirelli also purchased from other shareholders a further 1% stake in Celikord. The overall amount of the transactions amounted to approximately 43 million euros.
Following this agreement, Pirelli owns a 95.35% stake in Pirelli Turk Lastikleri and a 100% stake in Celikord. The transaction strengthens the Group's position in a strategic country in terms of production, sales and logistics. With more than a half century presence in Turkey, Pirelli today operates in the area of Izmit with a car and industrial vehicle tyre plant, one of the Group's biggest in the world, and with a factory for steelcord production.
For more information on steelcord, click here.