Milan, Italy - Pirelli & C. SpA and Goldman Sachs Capital Partners have reached an agreement for the sale of Pirelli's Energy and
Telecom Cables and Systems business to Goldman Sachs Capital Partners.
Under the terms of the agreement, Pirelli will sell to Goldman Sachs Capital Partners activities that had in 2004 sales of â‚¬ 3,208 million, with an operating income (EBIT) of more than â‚¬ 110 million. The business has 12,000 employees and 52 plants around the world.
In a statement, Pirelli said, "As already announced, net proceeds of the operation will be invested in strategic activities of the Group. Following this transaction, Pirelli's strategic optimization programme announced in July 2001 is now completed. Pirelli will therefore focus on the development of higher value-added businesses and in particular on these activities: telecommunications , tyres, real estate, the activities in the field of broadband and second generation photonics managed by Pirelli BroadBand Solutions and based upon Pirelli Labs' innovations and in the environmental field (Pirelli & C. Ambiente)."
This is an external link and should open in a new window. ERJ is not responsible for the content of external sites.
Press releasefrom Pirelli