Pirelli confirms Euro 250 million Russian investment

ERJ staff report (DS)

Milan, Italy -- Further to press reports yesterday, Pirelli has now confirmed that it intend to jointly build a tyre plant in the area of the Togliatti industrial-technological park, with an initial annual capacity of around 4.2 million car and industrial vehicle tyres. The investment will amount to approximately 250 million euros.

Pirelli issued a carefully-worded statement saying it has defined the first details of a joint agreement with Russian Technologies State Corporation. The two companies intend to set up a jointly-owned holding company which will set up a 100-percent owned company to build and operate a tyre factory near Togliatti. The project already has the support of the regional Government of the Samara region

On the Russian side, Pirelli said ther eis a commitment to, "rovide the Russian company with preferential tax treatment in accordance with current legislation." and to, "ome forward with an initiative to grant Special Economic Zone (SEZ) status to the Togliatti industrial-technological park, with all privileges provided for such SEZ."

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Press release from Pirelli