Pirelli SpA and Continental AG are reportedly on the point of setting up a steelcord joint venture plant in Romania. Pirelli, which already has a strong steelcord business, will take 80 percent of the equity in the $49-million project. Conti will take the remainder.
The plant will be in Slatina, Romania and have capacity for 30 000 tonnes per year of steelcord for tyre reinforcement and bead wire. Continental has established a large tyre factory in the country, while Pirelli recently said it is suffering from shortages of steel.
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Detroit News (USA) story
