ERJ staff report (RD)
Milan, Italy - Pirelli Tyre has purchased the minority stakes of two of its Turkish subsidiaries from Isbank, in a Euro 43 million transaction, the company announced 21 August.
Pirelli bought a 25.75 percent stake in sales, car and industrial vehicle tyre manufacture unit, Pirelli Turk Lastikleri and a 48 percent stake in steel, manufacturing and sales unit, Celikord. The company added that under the transaction, it also purchased a further 1 percent stake in Celikord from other shareholders.
The transaction now means that Pirelli owns a 95.35 percent in Pirelli Turk Lastikleri and a 100 percent stake in Celikord.
Pirelli currently operates a car and industrial tyre plant and a steelcord production factory in Izmit, Turkey.
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Press release from Pirelli